Question

Accounts payable is classified as a/an in the

Answer 1

Answer:

Current Liability.

Current liabilities are liabilities that a company is required to settle within the next twelve months or which it expects to settle within its normal operating cycle. Liabilities are financial obligations which require transfer of assets (mainly cash) for settlement. Accounts payable, salaries payable, accrued expenses and current tax payable are classified as current liabilities because they are expected to be paid off within a normal operating cycle. These liabilities are reported as current even if the company expects them to be paid after 12 months.

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