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  • Accounts Payable - is an obligation of the entity to pay a sum amount of money, that arises from the buying of goods and services on credit terms in the ordinary course of the business.
  • Loans payable - obligations of an entity that arises from the borrowing of money from a lender.
  • Unearned revenues - obligations to supply goods and services that is a result of advance payments of customers.
  • Notes payable - almost the same as accounts payable, the only difference however is the fact that the liability is evidenced by a non-negotiable promissory note.
  • Mortgage payable - obligations for long term borrowing in which a fixed asset, usually a land or building is use as a collateral.
  • Salaries and wages payable - are obligations to employees to pay an agreed just compensation for rendering services for the entity.
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13y ago

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Related Questions

Are purchases made on account liabilities?

Yes.Most purchases are on credit and are therefore current liabilities


What is the revaluation expense account?

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Is a liability account a debit or a credit?

Remember the basic accounting equations Assets = Liabilities + Owners Equity (Stockholders Equity) Assets increase with a debit Liabilities as well as Equity increase with a credit Liabilities have a credit balance (meaning you must credit the account to "increase" it and debit the account to "decrease" it) this makes liabilities a credit.


Can you explain what the net account value means?

The net account value is the total value of an account after subtracting any liabilities or debts. It represents the overall worth of the account, taking into consideration both assets and liabilities.


In total owners equity are liabilities included?

No, Liabilities are not included in the total OE. Remember the account equation... Assets = Liabilities + Owners Equity If you have the total of your Assets and Liabilities, to find your OE then the equation would be written as this.. Assets - Liabilities = OE


Liabilities is real accounts or nominal accounts?

nominal account.


Goods purchased on account for future use are?

prepaid liabilities


Why does balancesheet in final account gets tally?

assets = liabilities


What word does liabilities often have in their account title?

Capital


What happens when a payment is made on an account payable?

reduces liabilities


Is liability is a real account?

It may be real account or personal account depending upon the type of liabilities. it can however never be a nominal account


Example of account titles in a corporation?

examples of account title