Examlex
Which of the following best defines functionalism
Interest Charged
Interest charged is the cost applied to borrowing money, typically expressed as an annual percentage of the loan amount.
Interest Payable
This is a liability account that records the amount of interest the company owes but has not yet paid.
Notes Payable
Written agreements where a borrower agrees to pay back a specified sum of money to a lender at a future date, typically with interest.
Sales Taxes Payable
Liabilities owed to local, state, or federal tax authorities from sales made, collected by the company from customers at the time of sale.
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