Question

what do you mean by bills payable and liability​

Answer 1

Answer:

In the context of personal finance and small business accounting, bills payable are liabilities such as utility bills. They are recorded as accounts payable and listed as current liabilities on a balance sheet.

Answer 2

Bills payable are accounted for in the accounts payable account as a credit entry. ... Accounts payable is listed on a business's balance sheet as a current liability.