Examples of current liabilities include all of the following EXCEPT
A) employment.
B) formulas.
C) salaries payable.
D) income and sales tax.

Question

Quizplus · Accepted Answer

Employment and salaries payable are both examples of current liabilities, as they represent amounts owed by the company for services rendered. Income and sales tax are also current liabilities, as they are taxes owed to the government that must be paid within a short period of time. However, formulas do not represent a liability, but rather a type of intellectual property or trade secret owned by the company.

Examples of Current Liabilities Include All of the Following EXCEPT