Which of the following statements regarding Accounts Payable is incorrect?
A) The Accounts Payable account is decreased with a credit.
B) Accounts payable occur because the business receives the goods or services before payment has been made.
C) Because accounts payable are typically due in 30 days, they are current liabilities.
D) Accounts payable represent debts owed to creditors.

Question

Quizplus · Accepted Answer

The Accounts Payable account is increased with a credit and decreased with a debit.

Which of the Following Statements Regarding Accounts Payable Is Incorrect