Which of the following most likely is an example of an accrued liability?
A) Salaries payable
B) Accounts payable
C) Current portion of long-term debt
D) Sales tax payable

Question

Quizplus · Accepted Answer

Accrued liabilities are expenses that have been incurred but not yet paid, and salaries payable falls under this category as wages have been earned by employees but have not yet been paid. Accounts payable is a liability that represents money owed for goods or services that have been received and invoiced but not yet paid. Current portion of long-term debt refers to the portion of long-term debt that is due within the next year. Sales tax payable is a liability that represents the amount of sales tax collected but not yet remitted to the government.

Which of the Following Most Likely Is an Example of an Accrued