Accounts Payable Is a Temporary Account

question 73

True/False

Accounts payable is a temporary account.

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Definitions:

Dual Federalism

A political arrangement in which power is divided between federal and state governments in clearly defined terms, with state governments exercising those powers accorded to them without interference from the federal government.

Commercial Republic

A concept describing a state that is guided by economic interests and where commercial activities are vital to the nation's interests and policies.

Federal Government

The national or central government of a federated state, which shares sovereignty with its constituent units.

Commerce Clause

A provision in the U.S. Constitution that grants Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.