The Payment of a Liability Decreases Both Cash and Accounts

question 149

True/False

The payment of a liability decreases both cash and accounts payable.

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Definitions:

State and Federal Laws

The body of laws enacted by state and federal governments in the United States, governing a wide range of societal and business activities.

Business Conduct

The standards and practices that guide the behavior and operations of a company and its employees.

Society's Values

The principles and moral standards that are considered important and upheld by a group or society.

Enforceable in the Courts

Refers to the characteristic of legal agreements or actions that can be upheld or compelled by a court of law.