Chapter 4
Current Liabilities
156
AS-10 (
1
)
What is an operating line of credit?
AS-11 (
2
)
Which business transaction must have occurred for a company to debit inventory and credit
accounts payable in its books?
AS-12 (
2
)
True or False: An accounts payable subledger report contains specific information about each
customer and the amount owing from each customer.
AS-13 (
2
)
List at least three important functions of an accounts payable subledger.
