The Major Balance Sheet Account in the Acquisition and Payment

question 94

Multiple Choice

The major balance sheet account in the acquisition and payment cycle is:

• A) accounts payable.
• B) ordinary shares.
• C) purchases.
• D) merchandise inventory.

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Definitions:

State-Owned Enterprise

A business enterprise where the government holds significant control through full, majority, or significant minority ownership.

Limited Liability Firm

A type of business entity where the owners' liability for debts is restricted to the amount they invested in the company, protecting personal assets from business liabilities.

Sole Proprietorship

A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.

Communist

A political and economic ideology advocating for a classless society, where property and resources are communally owned.