A Substitute Is a Good

question 53

Multiple Choice

A substitute is a good

• A) of higher quality than another good.
• B) of lower quality than another good.
• C) that can be used in place of another good.
• D) that is not used in place of another good.

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Definitions:

Accounts Payable

Short-term liabilities or debts a company owes to its suppliers or creditors for goods and services received but not yet paid for.

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.

Utilities Expense

Utilities expense refers to the cost incurred by a business for the consumption of utility services such as electricity, water, and gas.

Accounts Payable

Liabilities or amounts owed by a company to creditors for goods and services that have been purchased on credit but not yet paid for.