Under Which of the Following Categories Would Accounts Payable Appear

question 70

Multiple Choice

Under which of the following categories would Accounts payable appear?

• A) Current liabilities
• B) Current assets
• C) Long-term liabilities
• D) Long-term assets

Recognize the significance of sustainability reporting in organizations.

Understand the concept and application of private environmental costs.

Comprehend the use and importance of ISO standards in environmental performance management.

Distinguish between various types of environmental performance indicators.

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Definitions:

Total Overhead Rate

A ratio that calculates the total indirect costs of manufacture (including both fixed and variable overheads) relative to a related cost base, typically direct labor or machine hours.

Direct Labor Hours

Hours worked by employees that are directly involved in the manufacturing process, crucial for calculating product costs.

Manufacturing Overhead

The indirect costs in manufacturing operations such as maintenance, supplies, and quality control expenses.

Overhead Volume Variance

The difference between the budgeted and actual volume of activity, applied to the fixed manufacturing overhead rate, indicating efficiency in using production capacity.