The liability account ______________ is used for short-term liabilities or charge accounts, usually due within 30 days.

Question

Quizplus · Accepted Answer

The account used for short-term liabilities or charge accounts usually due within 30 days is called Accounts Payable. Choice A, Short-term Payable, and choice B, Liability Payable, do not specifically indicate that the account is for short-term liabilities or charge accounts due within 30 days. Choice D, Accounts Receivable, is not a liability account but rather an asset account for amounts owed to a business by its customers.

The Liability Account ______________ Is Used for Short-Term Liabilities or Charge