Which of the following correctly describes how accounts payable will appear on the financial statements?
A)Expense on the income statement
B)Revenue on the income statement
C)Liability on the balance sheet
D)Asset on the balance sheet

Question

Quizplus · Accepted Answer

Accounts payable is a liability that represents the amount a company owes to its suppliers or vendors for goods or services that have been purchased but not yet paid for. As such, accounts payable will appear as a current liability on the balance sheet.

Which of the Following Correctly Describes How Accounts Payable Will