A Record Used to Keep the Amount Owed to Each

question 23

Multiple Choice

A record used to keep the amount owed to each supplier is called a(n)

• A) accounts receivable ledger.
• B) accounts payable ledger.
• C) transportation ledger.
• D) general ledger for accounts payable.

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Definitions:

Net Income

The total revenue of a business minus total expenses, taxes, and costs, representing the profit made during a specific period.

Corporations

Legal entities established under corporate law that are distinct from their owners and shareholders, having rights and responsibilities and capable of conducting business.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Inventory Investment

The change in the total value of unsold goods and materials held by businesses over a specific period.