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O-LevelAccountingThe fundamentals of accounting7707/11 · May/June 2014 · Q31 Mark

Which is a liability of a business?

Aamount owing by credit customers
Bamount owing to credit suppliers
Clong term loan to employee
Dproperty tax paid in advance

✓ Correct answer

B: amount owing to credit suppliers

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2014 Paper 1 Variant 1, question 3.

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