________ are liabilities for services received for which payment has yet to be made. The most common accounts are taxes and wages.
A) Notes payable
B) Accruals
C) Accounts payable
D) Accounts receivable

Question

Quizplus · Accepted Answer

Accruals refer to liabilities for services received but payments have not yet been made. Taxes and wages are common examples of accruals. Notes payable are liabilities created by borrowing money, accounts payable are liabilities for goods or services that have been received but not yet paid for, and accounts receivable are assets representing money owed to a company for goods or services sold but not yet paid for.

________ Are Liabilities for Services Received for Which Payment Has