The Liability Created by a Business When It Purchases Coffee

question 109

Multiple Choice

The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n)

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

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Definitions:

Growth Spurt

The relatively sudden and rapid physical growth that occurs during puberty. Each body part increases in size on a schedule: Weight usually precedes height, and growth of the limbs precedes growth of the torso.

Limbic System

A complex set of brain structures located on both sides of the thalamus, immediately beneath the cerebrum, involved in emotions, memory, and arousal.

Prefrontal Cortex

A region of the brain implicated in decision making, complex cognitive behavior, personality expression, and moderating social behavior.

Formal Operational

A stage in Piaget's theory of cognitive development during which individuals develop the ability to think abstractly, logically, and systematically.