asked 202k views
1 vote
Elise gathered details about her finances to create a financial assets and liabilities record. Which represents one of her liabilities? A. her checking account balance of $2827 B. her jewelry valued at $1375 C. balance of $9460 on her auto loan D. rental property valued at $132,000

asked
User Mscrivo
by
8.1k points

1 Answer

3 votes
Remember that a liability is an obligation to pay for something or it is simply a debt. This is recorded on the right side of the balance sheet. Examples of liabilities includes loans, payables, mortgages, deferred revenues, and accrued expenses. So from the given choices above, the answer would be C since it is the only loan in the choices and also a, b, and d are examples of assets.
answered
User Matthias Zeis
by
8.3k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.