Which of the following accounts belong in the liability section of a balance sheet?
A)interest expense
B)accumulated depreciation
C)accounts payable
D)preferred stock

Question

Quizplus · Accepted Answer

Accounts payable is a liability account as it represents the amount of money a company owes to its creditors for goods or services received but not yet paid for. Interest expense, accumulated depreciation, and preferred stock are not liabilities. Interest expense is an expense account, accumulated depreciation is a contra-asset account, and preferred stock is an equity account.

Which of the Following Accounts Belong in the Liability Section