Which of the Following Entries Records the Payment of an Account

question 222

Multiple Choice

Which of the following entries records the payment of an account payable?

• A) debit Cash; credit Accounts Payable
• B) debit Accounts Receivable; credit Cash
• C) debit Cash; credit Supplies Expense
• D) debit Accounts Payable; credit Cash

Assess the use and impact of subjective determinations in cost allocation methods.

Understand the role and accounting for support department costs.

Identify and evaluate the methods for allocating joint costs and their appropriateness given the context.

Understand the importance and methods of allocating support department costs to products.

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Definitions:

Lower Needs

Typically refers to the more basic needs in Maslow's hierarchy, such as physiological needs and safety, which must be met before higher-level needs can be addressed.

Survival

The act of continuing to live or exist, typically in spite of an accident, ordeal, or difficult circumstances.

Human Strengths

The innate capacities and positive qualities that enable individuals to thrive and overcome challenges.

Free-Will

The concept that individuals have the power to make choices that are not predetermined by past events, genetics, or environment.