Examlex
Which of the following relationships is correct?
Expense Account
An account that tracks the costs incurred by a business during its operations.
Accounts Payable
Liabilities owed by a company to its suppliers or creditors for goods and services received that have not yet been paid for.
Accounts Receivable
The money owed to a company by its customers for goods or services that have been delivered but not yet paid for.
Permanent Account
An account in the general ledger that carries its ending balance over to the next accounting period, such as assets, liabilities, and equity accounts.
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