Barry runs a small auditing firm with his partners Terry and Gerry.One of the items on the following list is a liability of their business.Which item is the liability?
A)£2000 drawn out of the business by Terry
B)Office furniture
C)Professional subscriptions payable
D)Amounts due from clients in respect of audit fees

Question

Quizplus · Accepted Answer

Liabilities are financial obligations or debts that a business owes. Professional subscriptions payable represent an obligation to pay for professional services or memberships, making it a liability.

Barry Runs a Small Auditing Firm with His Partners Terry