Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

Select the Appropriate Answer from the Alternatives Given Below and Rewrite the Completed Statement - Book Keeping and Accountancy

MCQ

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

Options

  • Long term loan

  • Current liability

  • Liquid asset

  • Net loss

Advertisement Remove all ads

Solution

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.

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

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

Video TutorialsVIEW ALL [1]

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×