which one of the following is not a current liability course hero

What are the short-term liabilities of Lance company?

Which one of the following is not a current liability? A) Taxes payable B) Accounts payable C) Wages payable D) Wage expense Answer: D Rationale: Wages expense is an income statement account, not a balance sheet account. Current liabilities are amounts owed and due to be repaid within one year or within one operating cycle.

What is the difference between current and long term liabilities?

Dec 16, 2020 · Thus, accounts payables, taxes payables and wages payables are current liabilities. The wages expenses are the cost which is incurred in the regular course of business. The wages expenses is an operating cost and not a liability.

What is the relationship between present value and concept of liability?

Which one of the following is not a Current Liability? (a) Trade Creditors (b) Taxation Outstanding (c) Accrued Expenses (d) Prepaid Expenses -----------------------1 ........ are third parties from whom stock is purchased, but instead of paying cash, the company promises to pay the account later. Taxation Outstanding and Deferred Taxation Liability are both Current Liabilities.

Which one of the following is not a current liability?

The answer is d. Bonds payable is a non-current liability, not current liability, because it is payable after one accounting period.

Is taxes payable a current liability?

As taxes payable are a current liability, they must be paid within a normal operating cycle (typically less than 12 months). Taxes payable are accrued expenses and are placed on their own line on the balance sheet because the amounts can be large and, in most cases, are estimates.

Which of the following items is not found on a balance sheet?

the balance sheet presents the equation: assets= liabilities +owners equity. Gross profit is found in the income statement on not on the balance sheet. Balance sheet provides a statement of assets and liabilities. Gross profit is the correct answer.

Which are current liabilities?

Current liabilities are listed on the balance sheet and are paid from the revenue generated by the operating activities of a company. Examples of current liabilities include accounts payables, short-term debt, accrued expenses, and dividends payable.

Which of the following is current liability?

Solution(By Examveda Team) Bills payable, Outstanding expenses and Bank Overdraft are the current liabilities.

Which of the following is not a current asset?

Land is regarded as a fixed asset or non-current asset in accounting and not a current asset.

What are non-current assets?

Noncurrent assets are a company's long-term investments that are not easily converted to cash or are not expected to become cash within an accounting year. Also known as long-term assets, their costs are allocated over the number of years the asset is used and appear on a company's balance sheet.

What are liabilities on a balance sheet?

Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

Why do creditors analyze financial statements?

Potential creditors of a firm might analyze financial statements to gauge the firm's ability to make timely payments of interest and principal. True. Because debt obligations are paid with cash, the firm's cash flows ultimately determine solvency. True.

What is a current ratio of 2.0?

A current ratio of 2.0 is desirable and it means that a firm has twice as many current liabilities as current assets. Find the net profit margin if earnings before interest and taxes is $20,000, net income is $10,000, sales are $50,000, and total assets are $100,000.

What is limited partnership?

Limited to no more than 100 shareholders. A limited partnership is comprised of: both general and limited partners. All business organizations have its advantages and disadvantages. Which of the following business organization has the highest risk for all owners being if an owner dies without any planning: Partnership.