An Account Number of 13 Would Represent Which of the Following

question 92

Multiple Choice

An account number of 13 would represent which of the following accounts?

• A) Accounts payable
• B) Accrued taxes
• C) Insurance expense
• D) Accounts receivable

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Definitions:

Deferred Taxes

Taxes that are owed but not yet paid, arising from temporary differences between accounting and tax treatments of income and expenses.

Retrospective Adjustment

A change applied to the accounting records of prior periods to correct an error or implement a change in accounting principle.

Cumulative Effect

The aggregate impact of an accounting change or policy on a company's financial statements over time.

Average Cost

A method for inventory and cost of goods sold valuation, calculated by dividing the total cost by the number of items.