Bills receivable are classified as ________________ in the balance sheet.

Question

Quizplus · Accepted Answer

Bills receivable refer to the amount of money that a company or individual is owed by others. Being an asset, it represents that the company expects to receive cash in the future from the party that owes them the money. Therefore, bills receivable are classified as assets in the balance sheet, which helps in determining the financial position of the company.

Bills Receivable Are Classified as ________________ in the Balance Sheet