0
The accounts payable ledger contains all of the balance sheet and income statement accounts.?
Wiki User
∙ 7y ago
No, the AP ledger contains the listing of all the counterparties (e.g. vendors) the company owes money to. The AP ledger is what feeds AP on the balance sheet.
Chris Hawkins
Add your answer:
Earn +20 pts
Is accounts payable under income statement?
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Where does Trade accounts payable go balance sheet or income statement?
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.
Is accounts payable on an income statement?
Accounts payable is that amount which is payable in future and all future activities are part of balance sheet rather income statement that’s why it arrives in balance sheet under liabilities section.
Are accounts payable on the income statement and balance sheet?
yes accounts are payable on the income statement and balance sheet.
Is accounts payable listed on an income statement?
accounts payable is account in balance sheet
Does an accounts payable ledger contain all of the balance sheet and income statements accounts?
No, the accounts payable ledger only contains information related to supplier accounts. The balance sheet and income statement accounts are contained in the general ledger.
What financial statement does a accounts payable belong?
Accounts Payable belongs in the Balance Sheet as a Current Liability.
Is accounts payable under income statement?
Accounts payable is of liability nature as it is payable in future so it is shown under liability side of balance sheet and not in income statement.
The classification and normal balance of the accounts payable account is?
The classification of Accounts Payable is liability, and a current liability, it has a normal credit balance, and is found on the Balance Statement as a permanent account.
Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Where does Trade accounts payable go balance sheet or income statement?
Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.
Would Accounts payable go under statement of changes in owner's equity in a financial statement?
No. Accounts payable is a liability account, which is used in the balance sheet.
Is accounts payable on an income statement?
Accounts payable is that amount which is payable in future and all future activities are part of balance sheet rather income statement that’s why it arrives in balance sheet under liabilities section.
What statement does Accounts payable show?
Balance sheet of the company shows the total amount of accounts payable for a fiscal year of business.
Where does accounts payable go on a multiple step income statement?
By definition Accounts Payable is a liability and belongs on a Balance Sheet. Only income and expenses are included in an Income Statement.
