Loans, accounts payable, overdrafts, and derivative liabilities are examples. Finally, there are trade liabilities, which are money owed to suppliers for services and goods. Sundry and bills payable are examples.
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Similar Questions
Q1
A bill given to a creditor is called bill payable.
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Q2
A bill drawn and accepted for a genuine trade transaction is termed as a(n)_________ bill.
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Q3
State giving reasons, which of the following transactions would improve, reduce or not change the Current Ratio, if Current Ratio of a company is (i) 1:1; or (ii) 0.8:1:
(a) Cash paid to Trade Payables.
(b) Purchase of Stock-in-Trade on credit.
(c) Purchase of Stock-in-Trade for cash.
(d) Payment of Dividend payable.
(e) Bills Payable discharged.
(f) Bills Receivable endorsed to a Creditor.
(g) Bills Receivable endorsed to a Creditor dishonoured.
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Q4
A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in ______.
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Q5
A bill of exchange is a conditional order in writing given by a Debtor to a Creditor.