Trade Creditors Accrued expenses Prov. for annual leave Prov. for taxation Income in advance Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year..
materials
NO, it is not a liability it is a con-tra account
current liability
Trade Creditors Accrued expenses Prov. for annual leave Prov. for taxation Income in advance
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
materials
NO, it is not a liability it is a con-tra account
current liability
Trade Creditors Accrued expenses Prov. for annual leave Prov. for taxation Income in advance
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
no
a paper in current assets in liability
FALSE!
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
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.
No, rent is an expense on the trading profit and loss and appropriation account. Rent due is a current liability on a personal balance sheet. Hope this helps. No, rent is an expense on the trading profit and loss and appropriation account. Rent due is a current liability on a personal balance sheet. Hope this helps.