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29 July, 17:56

Expenses payable always treated as current / fixed assets. Is it true or false?

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  1. 29 July, 19:01
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    False

    Explanation:

    This is an example of a current liability and not assets.

    To explain this, assets are anything owned as a result of past activities that result into inflow of economic benefits while liabilities are obligation that arose as a result of pat activities that result into outflow of economic benefit.

    Current assets or liabilities are expected to be settles within twelve months / a normal operating cycle of the business activities while the non - current are for a longer period.

    Expenses payable are liabilities that are current in nature as it is expected to be settled within a business year.
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