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Question
Accounts payable/creditors can be classified as __________.
Accounts payable/creditors can be classified as __________.
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Solution
The correct option is B Liability
When goods are purchased on credit, creditors and bills payable are evolved in the books of account. Creditors and Bills payable is a liability and to be shown under the heading Current Liabilities.
When goods are purchased on credit, creditors and bills payable are evolved in the books of account. Creditors and Bills payable is a liability and to be shown under the heading Current Liabilities.
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