Asked by
Jordyn Sheridan
on Nov 18, 2024
Verified
The accounts payable account is listed in the chart of accounts as an asset.
Accounts Payable
An obligation that a company has to pay off short-term debts to its vendors or service providers for purchases made on credit.
Chart of Accounts
An organized classification of all financial accounts in a business's accounting system, facilitating the recording of transactions and financial reporting.
- Uncover the features and conventional balances of several account varieties like assets, liabilities, equity, revenue, and expenses.
Verified Answer
LM
Learning Objectives
- Uncover the features and conventional balances of several account varieties like assets, liabilities, equity, revenue, and expenses.
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