Answer to Question #244190 in Accounting for nicole

Question

1. Which of the following attributes will classify an item which can be seen as a liability in

the Statement of Financial Position?

a. Expenses paid before the actual utilization

B. Expenses already utilized and paid for.

c. Expenses already utilized but have not yet paid for

D. All expenses cannot be classified as a liability component

Answer 1

c. Expenses already utilized but have not yet paid for