Which of the Following Items Is Considered a Financial Obligation

question 74

Multiple Choice

Which of the following items is considered a financial obligation that is supported by a contract, has a time frame for repayment, and can be associated with a large purchase or loan when an organization uses some of its assets as collateral?

• A) Accounts payable
• B) Notes payable
• C) Accounts receivable
• D) Expenses

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Definitions:

Rulers

Instruments used for measuring distances or drawing straight lines, or metaphorically, individuals or regulations that govern or dictate actions.

Authority Figures

Individuals or entities recognized for holding a position of power, responsible for making decisions, and enforcing rules or norms.

Power

The capacity or ability to direct or influence the behavior of others or the course of events.

Enforcement

The act of compelling observance of or compliance with a law, rule, or agreement.