The Accounts Payable Account Is Listed in the Chart of Accounts

question 153

True/False

The accounts payable account is listed in the chart of accounts as an asset.

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Definitions:

Operational Planning

The process of planning short-term actions and strategies to achieve company goals and objectives.

Profit Objectives

Financial goals set by a business aiming to achieve a specific amount of profit over a certain period of time.

Short-Term

Relating to financial instruments or borrowing with a maturity of one year or less, or to activities or planning over a similar timeframe.

Profit Projections

Estimated calculations predicting the future profitability of a business over a specific period.