Current liabilities includes all of the following except
A) income tax payable.
B) mortgage due to be paid this year.
C) notes receivable.
D) advance payments from customers.

Name: Current liabilities includes all of the following except A) income tax payable. B) mortgage due to be paid this year. C) notes receivable. D) advance payments from customers.
Brand: Quizplus
Rating: 4.8 (35 reviews)

Question

Quizplus · Accepted Answer

Notes receivable are considered an asset, not a liability, because they represent money that is owed to the company, not money the company owes.

Current Liabilities Includes All of the Following Except