Accounts Payable Is A

question 83

Multiple Choice

Accounts payable is a:

• A)long-term liability.
• B)current asset.
• C)long-term asset.
• D)current liability.

Interpret how risk of loss is determined and managed in sales transactions.

Evaluate the legal outcomes of non-conforming goods and the options available to buyers and sellers.

Comprehend the role and impact of negotiable and non-negotiable documents of title in goods transactions.

Identify conditions under which a title is considered void, voidable, or good.

---

Definitions:

Receive Payment

The process of collecting money from customers against the outstanding amount due for goods sold or services rendered.

Prepare Reports

The process of organizing and presenting financial data and analyses, typically for business decision-making.

Special Journals

Ledger books dedicated to recording specific types of transactions, such as cash receipts or disbursements, distinct from general accounting records for efficiency and accuracy.

Computerized Accounting Systems

Software programs that manage and process financial transactions and accounting tasks electronically, increasing accuracy and efficiency.