Maharashtra State BoardHSC Commerce 12th Board Exam
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Select the Appropriate Answer from the Alternatives Given Below and Rewrite the Completed Statement - Book Keeping and Accountancy


Select the appropriate answer from the alternatives given below & rewrite the completed statement
Bills payable is _____________.


  • Long term loan

  • Current liability

  • Liquid asset

  • Net loss

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Bills payable is current liability.

Explanation: Bills payable are drawn in case of credit purchases. So, it is a liability to be paid in the near future, i.e. a short-term liability. It is generally payable within a period of 12 months, i.e. a year.

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Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 12 Analysis of Financial Statements
Exercise | Q 5 | Page 384
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