The Following Are Debts in Disguise

question 46

Multiple Choice

The following are debts in disguise:

• A)accounts payable.
• B)leases.
• C)underfunded pensions.
• D)accounts payable,leases, and underfunded pensions.

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Definitions:

General Journal

A primary accounting record used to record all non-specific financial transactions of a business in chronological order.

Sales Tax

A consumption tax imposed by the government on the sale of goods and services, collected by the retailer at the point of sale.

Full Payment

Completion of payment for a product or service in total, settling all owed amounts without remaining balances.

General Journal

A fundamental accounting ledger where all financial transactions are initially recorded, employing a double-entry system.