RENT OWED BY A DEPARTMENT IS TREATED IN THE BALANCE SHEET AS
A. asset of the business B. asset of the department C. liability of the business ✓ D. liability of the department The answer to the question is: C. liability of the business Rent owed by a department represents an obligation of the business to…
SALARIES IN ARREARS IS TREATED IN THE BALANCE SHEET AS A
A. current asset B. current liability ✓ C. long term liability D. fixed asset The answer to the question is: B. current liability Salaries in arrears refer to the wages that are owed to employees but have not been paid by the company. When…
Study Guide
