Mortgage Payable Is What Type of Account

question 104

Multiple Choice

Mortgage Payable is what type of account?

• A) Asset
• B) Liability
• C) Revenue
• D) Contra-Asset

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Definitions:

Long-Run

A period in economics during which all factors of production and costs are variable, allowing full adjustment to change.

Indifference Principle

A concept in economics that suggests a consumer has no preference between two bundles of goods because both provide the same level of utility or satisfaction.

Housing Prices

The monetary value assigned to residential properties, influenced by factors like location, demand, and economic conditions.

Living Conditions

The environmental and social factors impacting the day-to-day life and wellbeing of people.