Asked by Maria del Mar Ribas on May 12, 2024
Verified
Accounts payable are:
A) Amounts owed to suppliers for products and/or services purchased on credit.
B) Amounts received in advance from customers for future services.
C) Estimated liabilities.
D) Not usually due on specific dates.
E) Always payable within 30 days.
Accounts Payable
Liabilities of a business that are owed to creditors for goods and services purchased on credit.
- Master the concept of liabilities, including those that are known, estimated, and contingent, along with the specific requirements for recognizing each type.
Verified Answer
AS
Amandeep SinghMay 17, 2024
Final Answer :
A
Explanation :
Accounts payable are amounts owed to suppliers for products and/or services purchased on credit.
Learning Objectives
- Master the concept of liabilities, including those that are known, estimated, and contingent, along with the specific requirements for recognizing each type.
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