Amounts owed for products or services purchased on account are called ________.
A) accounts payable
B) unearned revenue
C) accrued expense
D) warranty payable
A) accounts payable
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A foreign currency option is an agreement between a holder (corporation) and a writer (commercial bank) that gives the holder the right to buy or sell a certain amount of foreign currency at any time through some specified date.
a. True b. False
Which of the following accounts will have an amount in the Adjustments columns of the work sheet but probably not in the Trial Balance columns?
a. Common Stock b. Utilities Expense c. Depreciation Expense–Machinery d. Revenue from Services
Marketers can sometimes reserve an exclusive for multiple outlets
A) if they do not reveal the fact they are doing so. B) when a story has been embargoed. C) in cases where companies are also purchasing advertising in those outlets. D) in distinctly different markets. E) when those outlets are non-media connectors.
Inventory is considered a source of funds because of the revenue it brings in.
Answer the following statement true (T) or false (F)