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Which statements is false in relation to accounts payable

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Reference no: EM132951637

Problem 1: Which of the following statements is FALSE in relation to 'accounts payable'?

a. Account payable is a term used to describe the amounts that are owed to suppliers of goods and services when purchases of those supplies and services are made on credit terms.

b. Accounts payable is typically measured at face value without discounting to present value.

c. Accounts payable are typically presented as a non-current liability.

d. None of these choices.

Problem 2: Within the Conceptual Framework, a liability is defined as a past obligation of the entity to transfer an economic resource as a result of future events.

True

False

Reference no: EM132951637

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