A Liability That Results from a Purchase of Goods or Services

question 120

Multiple Choice

A liability that results from a purchase of goods or services on open account is referred to as a(n)

• A)accounts receivable.
• B)notes payable.
• C)accounts payable.
• D)notes receivable.
• E)capital stock.

---

Definitions:

Group Performance

The effectiveness and outcomes achieved through the collective actions of a group of individuals working towards common objectives.

Process Loss

The inefficiencies that occur during group processes that lead to lower effectiveness or productivity than could be achieved by individuals working separately.

Disjunctive Task

A group task that can be completed if any one group member solves the problem; the group's performance is determined by its strongest member.

Performance Norm

A standard or expectation for behavior and performance that is established by a group.