Durable Good Is Defined as A(n)

question 16

Multiple Choice

durable good is defined as a(n)

• A) item consumed in one or a few uses.
• B) item that usually lasts over an extended number of uses.
• C) item that lasts at least one year without becoming obsolete.
• D) product purchased only for the use of ultimate consumers.
• E) product used in the production of other products.

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Definitions:

Existing Account Payable

Existing Account Payable refers to accounts payable obligations that are currently outstanding, representing previous credit purchases yet to be settled.

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.