For Each of the Following Questions That Might Appear on an Application

question 51

Essay

For each of the following questions that might appear on an application form, identify them as either (A) appropriate or (B) inappropriate, from a legal perspective.
a.Appropriate
b.Inappropriate
-What language do you commonly use?

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Definitions:

Accounts Payable

Liabilities of a business that are yet to be paid out to creditors, typically for purchases of goods and services.

Inventory

Inventory comprises goods and materials that a business holds for the purpose of resale, manufacturing, or production.

Amortization of Premium

The gradual recognition in income statements of the excess amount paid over the face value of bonds over the bond's life.

Bonds Payable

Bonds payable refers to the amount a company owes to bondholders and must repay at maturity date, often including regular interest payments.