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Q.

Which of the following is not a liability account receivable?

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Detailed Solution

Correct Answer: Account Receivable is NOT a liability.

Explanation: Accounts Receivable refers to the money owed to a business by its customers for goods or services delivered on credit. It is listed on the assets side of the balance sheet under current assets. It represents future economic benefits to the business, not obligations.

Liability vs. Asset Comparison

TermNaturePosition in Balance Sheet
Accounts ReceivableAssetCurrent Assets
Accounts PayableLiabilityCurrent Liabilities
Loan PayableLiabilityLong-term or Current Liabilities
Unearned RevenueLiabilityCurrent Liabilities

Final Answer:

Accounts Receivable is not a liability; it is a current asset.

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