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Accounts Payable are those items where we purchase goods or supplies from suppliers on credit and the payment of which is required to made at some future time and that;s why it is shown at liabilities side of balance sheet.
What else can I help you with?
Is a decrease in accounts payable recorded as a debit or credit on the financial statements?
A decrease in accounts payable is recorded as a debit on the financial statements.
What financial statement does a accounts payable belong?
Accounts Payable belongs in the Balance Sheet as a Current Liability.
What is accounts payable on a financial statement?
Sundry Creditors
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.
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.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Who is responsible for posting authorized credits to accounts payable?
Accounts Payable clerk
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
Chart of accounts is used by accounts receivable or accounts payable?
noneChart of accounts is used for compiling General Ledger and financial accounts by accountants.AR and AP use aged trial balance
What is the antonym of accounts payable?
Accounts receivable is the term for amounts due, while accounts payable are owed.While this is the "opposite" of accounts payable, it is NOT an antonym.
Which stakeholder require financial report and why?
All stakeholders require a financial report. These reports are required for the financial information to get an understanding of accounts payable and accounts receivable to obtain a better understanding of the performance of the organization.
Are accounts payable accounts that you expect will be paid to you?
are accounts payable accounts that expect will be paid to u
