The rule of accounting equation requires that account payable should be placed under?

Assessment: JAMB UTME - Principles of Accounts - 2004 Subject: Financial Accounting

Question 1 Report

The rule of accounting equation requires that account payable should be placed under?
Answer Details
The accounting equation states that Assets = Liabilities + Equity. Accounts payable is a liability, meaning it represents an amount owed by the business to its suppliers for goods or services purchased on credit. Therefore, accounts payable should be placed under liabilities in the balance sheet in order to satisfy the requirements of the accounting equation.
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
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