Which of the Following Descriptions Would Not Fit the Definition
Which of the following descriptions would not fit the definition of a liability?
A) Obligation to deliver services already paid for
B) Result of past transaction
C) Future obligation for future salary payments
D) Present obligation for future payment
Usually,failure to record a liability means failure to record a(n)
Which of the following does not represent a liability?
A) An obligation for estimated income taxes payable
B) Interest that has accrued on a bank loan
C) An obligation to pay for goods purchased, payable one year after purchase
D) An obligation for future purchases of goods
The payables turnover is measured
A) in days.
B) as a percentage.
C) in dollars.
D) in times.