answersLogoWhite

0

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..

User Avatar

Wiki User

13y ago

What else can I help you with?

Related Questions

Which is an example of a current liability account?

materials


Is provision for depreciation is current liability?

NO, it is not a liability it is a con-tra account


What does a credit balance on partner's current account mean?

current liability


What is an example of an current liability account?

Trade Creditors Accrued expenses Prov. for annual leave Prov. for taxation Income in advance


Is unearned revenues account is an example of a liability?

no


Is current account a 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.


Which is a current liability account?

Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.


What type of account is unearned fees?

a paper in current assets in liability


The Common Stock Distributable account is classified as a current liability?

FALSE!


How do you recognize account payable?

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 and normal balance of the accounts payable account is?

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.


Is rent a current liability on a personal balance sheet?

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.

Trending Questions
What is system based audit? Is the cost of telephone operators for a toll-free hotline to help customers operate products a product cost or a period cost? What is Abs payment? What is the average monthly cost for home maintenance? What happens when a capital expenditure is treated as revenue expenditure? What is the journal entry for cheque received towards payment from customer? In a shared custody case who has rights to claiming child as a dependent on tax papers? Why are rebates effective? If the sole owner of a business dies and there is an authorized signer on the account is he the owner of the funds? What kind of account is linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account? How do you claim IRS taxes when working with Form W-9? What is rrsp? Who can accept a tax free monetary gift? Dustin had five outstanding checks that totaled 117.54 what should his check register balance be if he had an ending balance of 599.43 and outstanding deposits that totaled 234.14? If something has been sent to collection can the collection agency charge you interest? Should welfare recipients file a tax return? Is there a 1000 Dollar bill? How does one report someone to the credit bureau who has not paid debt? Which of the following businesses most likely would have a large Unearned Revenue account balance at all times? What is the monthly gross pay for Miss Cates if she earns 2250 a month with 4.9 commission and 4828 in sales.?