What type of account is CPP Payable?
A) Asset
B) Liability
C) Revenue
D) Expense

Name: What type of account is CPP Payable? A) Asset B) Liability C) Revenue D) Expense
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Question

Quizplus · Accepted Answer

CPP Payable is a liability account because it represents the amount of CPP (Canadian Pension Plan) contributions that an employer has deducted from their employee's income but has not yet remitted to the government. Therefore, it owes this amount to the government and it's a liability on the employer's balance sheet.

What Type of Account Is CPP Payable