Question
Identify the following: Payable?
Asset
Liability
Expenses
Income
Asset
Liability
Expenses
Income
Answers
GPT-4o mini
It seems like you're asking about how the term "payable" relates to the categories of financial statements. "Payable" typically refers to liabilities in accounting. Here’s a brief overview of how "payable" fits into each category you mentioned:
1. **Asset**: An asset is something owned by a business that has economic value. Examples include cash, accounts receivable, inventory, and property.
2. **Liability**: A liability is an obligation that a company owes to another party. "Payable" items, such as accounts payable or notes payable, fall under this category. They represent amounts owed by the business that need to be settled in the future.
3. **Expenses**: Expenses are costs incurred by a business in the process of earning revenue. They affect the income statement and reduce net income.
4. **Income**: Income represents the earnings generated from operations or other activities. It is a key component of the income statement.
In summary, "payable" is primarily associated with **liabilities**.
1. **Asset**: An asset is something owned by a business that has economic value. Examples include cash, accounts receivable, inventory, and property.
2. **Liability**: A liability is an obligation that a company owes to another party. "Payable" items, such as accounts payable or notes payable, fall under this category. They represent amounts owed by the business that need to be settled in the future.
3. **Expenses**: Expenses are costs incurred by a business in the process of earning revenue. They affect the income statement and reduce net income.
4. **Income**: Income represents the earnings generated from operations or other activities. It is a key component of the income statement.
In summary, "payable" is primarily associated with **liabilities**.