Which of the Following Most Likely Is an Example of an Accrued
Which of the following most likely is an example of an accrued liability?
A) Salaries payable
B) Accounts payable
C) Current portion of long-term debt
D) Sales tax payable
Current liabilities are debts that are expected to be satisfied within
A) one year or the normal operating cycle, whichever is shorter.
B) one year or the normal operating cycle, whichever is longer.
C) one year.
D) the normal operating cycle.
Failure to record a liability probably will
A) result in an overstated net income.
B) result in overstated total liabilities and stockholders' equity.
C) have no effect on net income.
D) result in overstated total assets.
Which of the following typically would not be done to satisfy a current liability?
A) Use long-term assets to satisfy the liability
B) Render a service to satisfy the liability
C) Use current assets to satisfy the liability
D) Take on another current liability to satisfy the liability