The most frequently used current liabilities are:
A)accounts payable,accounts receivable,and accrued liabilities.
B)accounts payable,notes payable,and accrued liabilities.
C)cash,notes payable,and accrued liabilities.
D)accounts payable,notes payable,and inventories.

Question

Quizplus · Accepted Answer

Accounts payable, notes payable, and accrued liabilities are the most frequently used current liabilities. Accounts payable represent the amounts owed to suppliers for goods or services purchased on credit, while notes payable are agreements to repay borrowed money. Accrued liabilities represent expenses that have been incurred but not yet paid, such as salaries, taxes, and utilities. Cash and inventories are not considered current liabilities as they represent assets rather than debts.

The Most Frequently Used Current Liabilities Are