Which of the Following Statements Is (Are)

question 38

Multiple Choice

Which of the following statements is (are)
True?

• A)A model is a set of simplifying assumptions about some aspect of the real world.
• B)Models are based on assumed conditions that are simpler than those of the real world.
• C)A model cannot be a complete representation of the real world.
• D)All of the above are true.

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Definitions:

Accounts Payable

Accounts payable are liabilities representing the amount a business owes to its suppliers or creditors for goods and services received but not yet paid for.

Cash Receipts Journal

A journal used to record all cash inflows or money received by the business.

Cash Received

The amount of money a business collects, normally in exchange for goods or services.

Customers Account

Refers to the individual accounts or ledgers maintained by a business to record transactions related to sales, returns, payments, and balances owing for each customer.