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Question
Accounts payable is an item of _________.
Accounts payable is an item of _________.
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Solution
The correct option is C liability
Sundry Creditors and account payable are the items of current liability. Accounts payable is money owed by business to its suppliers. When a company procured goods on credit for the business which need to be paid back in short period of time, it is known as accounts payable.
Accounts payable is a current liability and to be shown in balance sheet.
Sundry Creditors and account payable are the items of current liability.
Accounts payable is money owed by business to its suppliers. When a company procured goods on credit for the business which need to be paid back in short period of time, it is known as accounts payable.
Accounts payable is a current liability and to be shown in balance sheet.
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