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.

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Definitions:

Gas Exchange

The biological process by which gases (such as oxygen and carbon dioxide) are transferred between living organisms and the environment, typically occurring in the lungs in humans and across the surfaces of leaves in plants.

Endosymbiosis

A theory explaining the origin of eukaryotic cells from prokaryotic organisms through a symbiotic relationship.

Chloroplast

A type of organelle found in plant cells and some algae, which is the site of photosynthesis and responsible for producing energy through light.

Thylakoid Membrane

The thylakoid membrane is a component of chloroplasts that houses the machinery for the light reactions of photosynthesis, including the chlorophyll pigments.