Question

Account is debited when unrecorded liability is brought into business.
a) liability
b) revaluation
c) capital
d) current

Answer 1

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The Basics of Accrued Liabilities for Small Business Owners ... To reverse the transaction, debit the accrued liability account. ...

Accrued liabilities recognize any unrecorded expenses ...


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Answer - By Choudhary21

Answer 2

A revaluation account is debited when an unrecorded liability is brought into the business.

• The Revaluation Account shall be debited when the unrecorded liability enters the business.
• An unrecorded liability is one that was previously omitted from the records and is now considered, which means that it is recorded.
• This results in an increase in the amount of liabilities and is therefore debited to the Revaluation Account.