The _______________________ Function Keeps Track of Company Financial Transactions by Documenting

question 43

Short Answer

The _______________________ function keeps track of company financial transactions by documenting money coming in and going out and by balancing the accounts at the end of the period.

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Definitions:

Notes Payable

Short-term or long-term liabilities representing amounts owed to creditors or lenders, evidenced by a written promissory note.

Account Payable

Money owed by a business to its suppliers shown as a liability on the company's balance sheet.

Account Payable

Obligations or money owed by a company to suppliers or creditors for goods and services received that have not yet been paid for.

Note Payable

A written agreement where one party promises to pay another a definite sum of money at a future date or on demand, sometimes with interest.