Usually,failure to record a liability means failure to record a(n)
A)revenue.
B)note.
C)expense.
D)asset.

Question

Quizplus · Accepted Answer

Liabilities are obligations that a company owes to another party and failure to record a liability means that the company has not recognized the obligation to pay the other party. This is an expense that needs to be recorded on the company's balance sheet. Failure to record a liability can result in misrepresentation of the company's financial position and may lead to legal or financial consequences. Therefore, the correct option is C) expense.

Usually,failure to Record a Liability Means Failure to Record A(n)