Are notes payable an asset or liability?

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Do you know if notes payable is an asset or a liability. Apart from that, is notes payable current or non current assets or liabilities?

Category: Tags: asked December 2, 2012

2 Answers

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Notes payable is a liability if the company which you are making the accounts for issued them. A company can also hold loan notes as an investment but it will not be called notes payable (rather a financial asset).

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They are a liability since they have the word “payable”!. Notes payable are loans that a company has taken to fund investments and/or operations so they are liabilities for the company.

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