The costs of advertising,utilities,and salaries in the current reporting period are examples of liabilities.

Name: The costs of advertising,utilities,and salaries in the current reporting period are examples of liabilities.
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Quizplus · Accepted Answer

Liabilities are amounts owed by the business to others, while expenses are costs incurred by the business in the process of earning revenue. The costs of advertising, utilities, and salaries are all examples of expenses, not liabilities.

The Costs of Advertising,utilities,and Salaries in the Current Reporting Period