Assertion: balance sheet's liability | /r/HasProperty | asset
Facets:
Source sentences:
text: Accounts payable is considered a current liability, not an asset, on the balance sheet.
text: As you’d expect, liabilities are things that the business is liable for and, like assets, they can be classified as either current or long-term.
text: Answer: Since OCRC is purchasing computer spare parts on credit (a liability), you are increasing both liabilities and inventory (assets) on both sides of the accounting equation: