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ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability.
This is because a "payable" is something you (your company) owes but has not paid yet. For a bill such as Phone, once the obligation is met it is no longer a liability but an expense.
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∙ 12y ago
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Difference between account payable and bills payable?
Accounts Payable releted to Creditors and Bills payable releted to bank.
Accounts payable vs bills payable?
account payable is a current liability for item purchased on credit
Payment of accounts payable will have what effect on total assets?
Payment of account payable will reduce the total assets. When you pay your bills, you take money out of your account.
What type of account is debtors account?
Accounts Payable.
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
Difference between account payable and bills payable?
Accounts Payable releted to Creditors and Bills payable releted to bank.
Accounts payable vs bills payable?
account payable is a current liability for item purchased on credit
Payment of accounts payable will have what effect on total assets?
Payment of account payable will reduce the total assets. When you pay your bills, you take money out of your account.
What type of account is debtors account?
Accounts Payable.
What type of an account is account payable?
balance sheet account liability
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
What are bills payable?
That is money you owe someone for services rendered or goods purchased on account.
Is bills payble account is a real account?
Bill payable is a personal account and only cash and bank accounts are real accounts in accounting.
Is bills payables a real account?
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
What type of account is sales tax payable?
Liability
What are bills receivables and bills payable?
ganta h bills payable dimag k ma mt chodo
What account type is accounts payable?
Accounts payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
