What is the term for the amounts owed to suppliers for goods and services purchased?

Question:

Current Liabilities:

Current liabiltiies are short-term liabilities that are reported in the balance sheet and will be paid within a period of one year or less. Current assets are used to repay the current liabilities and to determine all the liquidity ratios, the current liabilities is used in the denominator.

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What Are Accounts Payable? - Definition & Examples

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Chapter 1 / Lesson 21

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Learn what accounts payable is by definition and its examples. Classify if it is an asset or a liability and be informed with the formula on how to calculate it.

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What is the term for the amounts owed to suppliers for goods and services purchased?

Question:

Current Liabilities:

Answer and Explanation:

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