value 500 points Which of the following statements about lia

value: 5.00 points Which of the following statements about liabilities is not correct? Liabilities are amounts owed by a business. Liability accounts have a normal credit balances. Financing activities may affect the amount of liabilities. Examples of liabilities include Notes Payable, Common Stock, and Income Tax Payable References

Solution

Common stock is really a matter of perspective.

Common stock is usually considered as a asset for the investors , where on other side those are considered as a equity for the issuers.

Therefore , we can conclude that common stock is not a liability.

Option D is correct as liability doesn\'t include common stock.