Vouchers Payable Is Not a Liability Account on the Balance

question 62

True/False

Vouchers Payable is not a liability account on the balance sheet.

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Definitions:

Normal Balance

The typical side (debit or credit) on which an account increases, based on its classification in the accounting equation.

Account Category

A way to organize various types of accounts in accounting, such as assets, liabilities, equity, revenue, and expenses, based on their nature.

Subsidiary Ledger

A detailed ledger that contains all the transactions of a particular account, which then summarizes into a single general ledger account.

Accounts Receivable

Represents money owed to a business by its clients or customers for goods or services delivered but not yet paid for.