Which Statement Is Correct

question 67

Multiple Choice

Which statement is correct?

• A)Trade payables are supported by a written promise to pay.
• B)Trade payables with no discount terms are expected to be paid in full.
• C)Notes payable are legally enforceable and can only be interest bearing.
• D)Notes payables are recognized at the face value or transaction price.

Learn how to enter transaction information using onscreen forms in QuickBooks.

Understand the concept of double-entry accounting and how it is implemented in QuickBooks transactions.

Recognize the different lists available in QuickBooks and their purpose, including Customer List, Vendor List, and Item List.

Familiarize with the QuickBooks Home Page layout and where to access various forms and transactions.

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Definitions:

Marketing Strategy

A comprehensive plan formulated by businesses to achieve specific marketing objectives.

Global Corporations

Large multinational companies that operate and provide goods or services in multiple countries around the world.

Gray Market Activity

The trade of goods through distribution channels that are unauthorized by the original manufacturer. This is typically legal but unregulated and unofficial.

Countertrade

A form of international trade in which goods or services are exchanged for other goods or services rather than for hard currency.