Which of the following accounts is not a liability?
A) Wages Payable
B) Prepaid Rent
C) Accounts Payable
D) Notes Payable

Name: Which of the following accounts is not a liability? A) Wages Payable B) Prepaid Rent C) Accounts Payable D) Notes Payable
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Prepaid Rent is an asset account, not a liability. It represents rent that has been paid in advance. The other options, Wages Payable, Accounts Payable, and Notes Payable, all represent amounts owed by the business and are thus liability accounts.

Which of the Following Accounts Is Not a Liability