Which of the following is a current liability in the final accounts?

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Question: Which of the following is a current liability in the final accounts?

Options:

Correct Answer: Accounts Payable

Solution:

Accounts Payable is considered a current liability in the final accounts.

Which of the following is a current liability in the final accounts?

Which of the following is a current liability in the final accounts?

Step 1: Understand what a current liability is. A current liability is a financial obligation that a company needs to pay within one year.
Step 2: Look at the options provided in the question. Identify which option represents a debt or obligation that is due soon.
Step 3: Recognize that Accounts Payable is money that a company owes to its suppliers for goods or services received but not yet paid for.
Step 4: Confirm that since Accounts Payable is due within a year, it qualifies as a current liability.

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