PAYABLE Definition

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PAYABLE is an amount awaiting payment to be made, e.g. interest payable or taxes payable.

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TRUE AND FAIR VIEW is one of the most prominent principles of accounting. It suggests that an enterprise should provide a true and fair view about its financial conditions and operating results. The concept of true and fair view does not mean absolute truth about enterprises. Financial statements are a product of managements judgments and estimates. The principle of true and fair view requires comparative truth about the enterprises picture. True and fair view is rather defined operationally; it is thought to be accomplished by complying with all other lower accounting principles.

BREAK-EVEN SALES see BREAK-EVEN POINT.

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