In the context of small businesses, what is the difference between accounts receivable and accounts payable?
What will be an ideal response?
Accounts receivable are current assets resulting from selling a product on credit. While selling on credit helps maintain a higher level of sales, care must be taken to select customers who can be expected to pay within a reasonable time.
Accounts payable are obligations to pay for goods and services purchased and are usually due within 30 or 60 days, depending on the credit terms. Because any business should maintain current assets sufficient to pay these accounts, maintaining a high level of accounts payable requires a high level of current assets.
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A. lobbying B. health care C. staff salaries D. legal counsel
In marketing terms, benefits define a product's ________, or what the product does for a customer
A) utility B) warranty C) tangibility D) intangibility E) variability
At December 31 . 2014, Strom Corp owed notes payable of $1,000,000 with a maturity date of April 30, 2015 . These notes did not arise from transactions in the normal course of business. On February 1 . 2015, Strom issued $3,000,000 of ten-year bonds with the intention of using part of the bond proceeds to liquidate the $1,000,000 of notes payable. Strom's December 31 . 2014, financial statements
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Resistance to change is inevitable and therefore must be addressed.
a. true b. false