Accrued liabilities could include all of the following except:
A)Wages and Salaries Payable.
B)Current Portion of Long-Term Debt.
C)Income Tax Payable.
D)Interest Payable.

Question

Quizplus · Accepted Answer

Accrued liabilities include for expenses that have been incurred but not paid at the end of the accounting period.When a loan becomes a current liability,the borrower must report the loan in the Current Liabilities section of the balance sheet.Rather than create a different account for this,accountants simply remove the amount of principal to be repaid in the upcoming year from the total long-term debt and report it as a current liability,Current Portion of Long-Term Debt.

Accrued Liabilities Could Include All of the Following Except