Receiving Payment from a Customer Is Recorded in the Following

question 16

Multiple Choice

Receiving payment from a customer is recorded in the following way:

• A)Customers page > select customer > Receive Payment.
• B)Create menu (+) > Receive Payment.
• C)Receive payment from the Customers page or the Create menu.
• D)Gear icon > Account and Settings > Advanced.
• E)None.

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Definitions:

Accounts Payable

Short-term liabilities of a company, representing amounts owed to suppliers or creditors for goods and services received.

Purchases On Account

Transactions where goods are bought and payment is deferred to a later date, often resulting in an accounts payable.

Accounts Payable Balance

The total amount of money a company owes to its suppliers or creditors for goods and services purchased on credit.

Unearned Revenue

Income received by a business for goods or services yet to be delivered or provided; also known as deferred revenue.