The Right to Receive Money in the Future Is Called

question 80

Multiple Choice

The right to receive money in the future is called a(n)

• A)account payable.
• B)account receivable.
• C)liability.
• D)revenue.

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Definitions:

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

IRS Form

Official documents issued by the Internal Revenue Service for taxpayers to report financial information, file taxes, or claim deductions.

Delegation

A contracting party’s (a delegator’s) transfer of his or her duty to perform to a third party who is not part of the original contract (a delegatee).

Personal Services

Services provided by individuals based on their unique skills or talents, often involving physical or mental efforts rather than producing goods.