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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..
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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
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
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.
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.
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.
