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Question
A person to whom amount is payable is known as ___________ .
A person to whom amount is payable is known as ___________ .
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Solution
The correct option is A Creditor
A creditor may be a bank, supplier or person that has provided credit to a company. In other words, a company owes money to its creditors. The amount owed to creditors are reported on the company balance sheet as liabilities. Most balance sheet report the amounts owed to creditors in two groupings - current liabilities and non current (or long-term) liabilities.
A creditor may be a bank, supplier or person that has provided credit to a company. In other words, a company owes money to its creditors. The amount owed to creditors are reported on the company balance sheet as liabilities. Most balance sheet report the amounts owed to creditors in two groupings - current liabilities and non current (or long-term) liabilities.
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