Moshir Ordered a Custom-Made Winter Coat from a Mail-Order Catalogue

question 47

True/False

Moshir ordered a custom-made winter coat from a mail-order catalogue. He is 17. After the coat arrived, he contacted the seller and told them he did not want it. He has no winter coat. The coat is a necessary.

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Definitions:

Liabilities

financial obligations or debts that a business needs to settle in the future, such as loans, accounts payable, and mortgages.

Withdrawals

Amounts taken from a business by the owner for personal use.

Assets

Resources owned by a business or individual with economic value or expected to provide future benefits.

Salaries and Wages

Compensation paid to employees for their services, including both regular salary and hourly wages.