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Will the LIFO and FIFO approaches to pricing accounts payable impact the reportable income of a company?
Wiki User
∙ 10y ago
Yes, During periods of significantly increasing costs, LIFO when compared to FIFO will cause a higher cost of goods sold on the income statement. Which means a lower net income.
Wiki User
∙ 10y ago
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Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Is an accounts payable created when your company pays cash for a purchase?
An Accounts Payable is created when...
What stage of accounting is known as accounts payable?
Accounts payable is money owed by a company to its creditors.
What does the accounts payable department do?
The accounts payable is part of a company's accounting department. Accounts payable makes payments to outside firms that supplies it with a service or product.
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
What is accounts payable considered on trial balance?
Accounts payable is a liability. All payable accounts are considered a liability because it is something you owe another person/company.
Who signs accounts payable cheques?
company
Accounts payable ledger used in a complete sentence?
SM still has an accounts payable to the proctor and gamble company.
What is an increase in Accounts Payable?
An increase in Accounts Payable means that the company has received more invoices that are due for payment.
How do book an increase in notes payable?
When company purchases more goods on credit then it increases the accounts payable as goods will be debit and accounts payable will be credit.
How is accounts payable is created?
Is the your Accounts Payable dept created when your company purchases goods or service from a established vendor or credit
How is the accounts payable created?
Is the your accounts payable dept created when your company purchases goods or service from a established vendor or credit
