taxes payable definition
A liability account that reports the amount of taxes that a company owes as of the balance sheet date.
A liability account that reports the amount of taxes that a company owes as of the balance sheet date.
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.