Final answer:
The correct option is 'd) Accounts Receivable' as it is an asset, not a liability. Liabilities are debts owed by a business, whereas an asset like accounts receivable represents money that is owed to the business.
Step-by-step explanation:
Among the options given, wages payable, accounts payable, taxes payable, and notes payable are all considered liabilities because they represent money that the business owes to others. Liabilities are a crucial part of a balance sheet, depicted on the right side of the 'T' in a T-account. In contrast, accounts receivable denotes money owed to the business by its customers for goods or services that have been delivered but not yet paid for. This is classified as an asset because it represents a future influx of cash or other economic benefits to the company. Assets, including accounts receivable, are placed on the left side of the T-account. A bank's balance sheet or a firm's financial statement utilizes this structure, where the net worth or equity is the diffence between total assets and total liabilities.
It is important to differentiate between assets and liabilities to accurately assess the financial health of a business. Although similar in name, accounts payable and accounts receivable have opposite effects on a company's balance sheet.