Asked by Teyanna Meshae on Jul 06, 2024
Verified
Accounts payable is listed as a liability and therefore, by definition, requires the payment of interest by the borrower.
Accounts Payable
Liabilities representing amounts owed by a company to suppliers for goods and services received but not yet paid for.
Liability
A financial obligation or debt that an individual or company owes, which is required to be paid to creditors.
- Apprehend the arrangement and outcomes of various accounting practices and concepts on financial statements.
Verified Answer
VA
Vanessa AmankwahJul 08, 2024
Final Answer :
False
Explanation :
Accounts payable are simply amounts owed to suppliers or vendors for goods or services that have already been received. There is typically no interest charged on these types of liabilities.
Learning Objectives
- Apprehend the arrangement and outcomes of various accounting practices and concepts on financial statements.
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