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Matthew Allen
on Oct 28, 2024

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Which of the following accounts is not a liability on the balance sheet?

A) Retained earnings.
B) Notes payable.
C) Accounts payable.
D) Interest payable.

Retained Earnings

Retained earnings are the portion of a company's profits that is kept or retained rather than being paid out as dividends to shareholders, often reinvested in the business or used to pay off debt.

Notes Payable

A financial liability representing a written promise to pay a specific sum of money on a specified future date.

Accounts Payable

A liability account that tracks money owed by a business to suppliers or creditors for goods and services received.

  • Acquire knowledge of the balance sheet's structure and its elements.
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AA
Ahmed Abu RayahOct 31, 2024
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