An Accountant Who Purchases Software for Maintaining Clients' Books Is

question 160

Multiple Choice

An accountant who purchases software for maintaining clients' books is an example of a buyer in a(n) ____ market.

• A)consumer
• B)producer
• C)reseller
• D)government
• E)institutional

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Definitions:

Accrued Interest

Interest that has been earned but not yet received or recorded in the accounts.

Note Receivable

A written promise or obligation for the payment of a certain sum of money to the holder on demand or at a specified future date.

Interest Receivable

The revenue from interest that has been earned but not yet received, recorded as an asset on the balance sheet.

Discounts Own Note

A transaction where a business discounts or reduces the value of its own promissory note, often to raise short-term capital.