Identify the account below that is classified as a liability account:
A)Cash
B)Accounts Payable
C)Salaries Expense
D)Retained Earnings
E)Equipment

Name: Identify the account below that is classified as a liability account: A)Cash B)Accounts Payable C)Salaries Expense D)Retained Earnings E)Equipment
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Question

Quizplus · Accepted Answer

Liabilities refer to the obligations a business has to pay others. Accounts Payable is the only account given that matches this definition, thus it is classified as a liability account.

Identify the Account Below That Is Classified as a Liability