Under Which of the Following Categories Would Accounts Payable Appear

question 70

Multiple Choice

Under which of the following categories would Accounts payable appear?

• A) Current liabilities
• B) Current assets
• C) Long-term liabilities
• D) Long-term assets

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Definitions:

Adjusting Entries

Accounting entries made to adjust the books of accounts to reflect the true financial position and performance of a company at the end of a financial period.

Salaries Expense

The total amount recorded by a company for the salaries of its employees.

Salaries Payable

An account reflecting the debts to workers for performed but unpaid work.

Closing Entry

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, ultimately resetting the balances of temporary accounts to zero.