Accounts payable:
A) Have specific due dates.
B) Are long-term liabilities.
C) Are estimated liabilities.
D) Are amounts owed to suppliers for products and services purchased on credit.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

Accounts payable are amounts owed to suppliers for products and services purchased on credit. They have specific due dates, but they are considered current liabilities, not long-term liabilities. They are not usually estimated, as the amount owed is based on actual purchases made.

Accounts Payable