If Accounts Payable Has Been Debited, It Is Most Likely

question 70

Multiple Choice

If Accounts Payable has been debited, it is most likely that:

• A) a payment was made on account.
• B) a purchase was made on account.
• C) a charge customer made a payment.
• D) an expense was paid with cash.

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Definitions:

Finished Goods Units

The quantity of completed products available for sale or distribution at the end of a production process.

Sales Budgeted

This refers to a financial plan that estimates the expected revenues from sales within a specific period.

Master Budget

A comprehensive financial planning document consolidating all of an organization's budgets and plans.

Budgeted Balance Sheet

A projection of what a company's balance sheet will look like at a future date, based on estimated assets, liabilities, and shareholders' equity.