Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following statements about liabilitie

Which of the following statements about liabilities is not correct? ...

80.2K

Verified Solution

Question

Accounting

Which of the following statements about liabilities is not correct?

Liabilities are amounts owed by a business.

Liability accounts have a normal credit balances.

Financing activities may affect the amount of liabilities.

Examples of liabilities include Notes Payable, Common Stock, and Income Tax Payable.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write an essay about the male’s sexual response and describe one clinical case of your choice...

Medical Sciences
Q

Write the expression in terms of sine and cosine and then simplify so that no...

Basic Math
Q

If sin 0 cos 0 1 and is in the 2nd quadrant find cos 0...

Basic Math
Q

Complete the expanded notation for 195 195 x 100 10 x1

Basic Math
Q

4 Find the exact value of the following logarithmic expression logi 81

Algebra
Q

The most common types of cost: a. variable cost b. variable cost & fixed cost...

Accounting
Q

Required information [The following information applies to the questions displayed below.) Emily, who is single,...

Accounting
Q

Ellens boutique follows the practice of pricnging its's inventory at the lower of cost or...

Accounting
Q

Mike's Bikes makes and sells highquality replacement gears for mountain bikes. Mike Sacedway, controller, is...

Accounting
Q

The capital structure of a company is related to how much capital is needed to...

Accounting
Q

Two employees have been hired at a monthly salary of $2,300 each. One will start...

Accounting
Q

9 10 points Suppose there are two independent economic factors, My and My. The risk...

Finance