Discover how accounts payable function as short-term liabilities, not expenses, and learn how they impact a company's ...

Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

A promissory note is a legal document representing a binding contract in which one party loans a fixed amount of money to another party. The document contains the loan's repayment schedule, any ...

Notes payable is accounting-speak for promissory notes, written commitments that say you've borrowed money and have to pay it back. Like other outstanding debts, notes payable affect your bottom line.