Alex bought $50,000 worth of computers for his firm and he will pay the vendor for these
Question:
Balance sheet, accounts payable
Balance sheet, notes payable
Income statement, accounts payable
Income statement, notes payable
None of the above.
2. An increase in accounts receivable from last year's balance sheet to this year's balance sheet indicates that the business experienced a cash outflow.
True
False
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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