Question

Accounts payable would be reported within which of the following financial statements?

• A. Income statement
• B. Statement of cash flows
• C. Balance sheet
• D. Statement of stockholders’ equity.

Answer 1

The correct option is C

Balance sheet

In accounting, a balance sheet report is a summary of the monetary balances of an individual or association, regardless of whether it be a business partnership, a sole proprietorship, an enterprise, a private limited company, a private limited company, a government or a not-for-profit entity.