The ____ Is the Amount Obtained When Adding Numbers

question 3

Multiple Choice

The ____ is the amount obtained when adding numbers.

• A) Difference
• B) Addition
• C) Sum
• D) Base ten

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Definitions:

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.

Double-Entry System

An accounting method that requires every financial transaction to be recorded in at least two accounts—where one account is debited and another is credited—to ensure accuracy and balance in the financial records.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, typically recorded as an operating expense.

Accounts Payable

Debts incurred by a company towards its suppliers, reflected as liabilities on its balance sheet.