Examlex
A section of an exam contains two multiple-choice questions, each with three answer choices (listed "A", "B", and "C") . Assuming the outcomes to be equally likely, find the probability (as a reduced fraction) that neither of the answers is "B". [Hint: List all the outcomes of the sample space first.]
Accounts Payable
Liabilities or amounts owed by a business to its creditors or suppliers for goods or services that have been received but not yet paid for.
T Account
The simplest form of an account, which consists of an account title, a debit side, and a credit side.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left side in accounting records.
Credit
Credit refers to the trust which allows one party to provide resources (money, goods, services) to another party wherein the second party does not reimburse the first party immediately but promises to return or repay those resources (with or without interest) at a later date.
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