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Which of the following items cannot be found on a firm’s balance sheet under current liabilities?

a. Accounts payable.

b. Short-term notes payable to the bank.

c. Accrued wages.

d. Cost of goods sold.

e. Accrued payroll taxes.

Sagot :

Cost of Goods Sold cannot be included under current liabilities.

Define current liabilities.

All liabilities of the company that must be settled in cash within the fiscal year or the operating cycle of a specific company, whichever is longer, are commonly referred to as current liabilities in accounting.

Current liabilities are debts due by the business that are anticipated to be repaid in a year or less as of the balance sheet report date. The company's current liabilities, which include commitments like accounts payable, short-term loans, interest payable, bank overdrafts, and other similar short-term liabilities, are those that are anticipated to be paid off within a year.

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