Which of the following is a liability account?
A) Accounts Payable
B) Prepaid Expense
C) Salaries Expense
D) Service Revenue

Question

Quizplus · Accepted Answer

Accounts Payable is a liability account as it represents the amounts owed by the company to its vendors, suppliers, and creditors. Prepaid Expense is an asset account as it represents the payments made in advance for goods or services that will be received in the future. Salaries Expense is an expense account as it represents the salaries paid to the employees of the company. Service Revenue is a revenue account as it represents the income generated from the services provided by the company.

Which of the Following Is a Liability Account