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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Accounts Payable is an example of an asset account.

To determine

Identify whether the given statement is true or false.

Explanation

Accounts payable: Accounts payable is an unwritten promise made to supplier for purchase of an asset or for rendering services.

Accounts payable is an example of liability account and not an example of asset account  because these are the debt obligations owed to another bu...

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