Which Term Describes a Legally and Socially Recognized Union or Two

question 86

Multiple Choice

Which term describes a legally and socially recognized union or two or more people?

• A) Marriage
• B) Household
• C) Wedding
• D) Cohabitation

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Definitions:

Accrued Liability

Expenses that have been incurred but not yet paid for, recognized in the financial statements under the accrual basis of accounting.

Contingent Liability

A potential obligation that may arise from a past event, the outcome of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Accounts Payable Turnover Ratio

A financial metric that measures how quickly a business pays off its suppliers by comparing net credit purchases to average accounts payable.