Typical Young Adults Living at Home in the United States

question 72

Multiple Choice

Typical young adults living at home in the United States today __________.

• A) contribute to the family economy
• B) are financially dependent on their parents
• C) receive government support
• D) work full-time

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Definitions:

Vouchers Payable

An accounting term for records of payable amounts for goods or services received, pending payment to suppliers.

Balance Sheet

A financial statement that presents the financial position of a company at a specific point in time, showing assets, liabilities, and shareholders' equity.

Accounts Payable

Liabilities representing the amount a company owes to suppliers for goods and services purchased on credit.

Controlling Account

The account in the general ledger that summarizes or controls a subsidiary ledger. Example: The Accounts Payable account in the general ledger is the controlling account for the accounts payable subsidiary ledger. After postings are complete, it shows the total amount owed from purchases made on account.