A Firm Has an Average Accounts Payable Balance of $180,000

question 54

Multiple Choice

A firm has an average accounts payable balance of $180,000.Its average daily cost of goods sold is $12,000.What is the average number of days that the firm takes to pay its debt?

• A)2 days
• B)8 days
• C)15 days
• D)21 days
• E)30 days

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Definitions:

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by prejudice against other groups.

Cultural Relativism

The principle that an individual's beliefs and activities should be understood by others in terms of that individual's own culture.

Contradictory Terms

Refers to phrases or words that contain elements that are in direct opposition to each other, creating a paradoxical effect.

United States

A country in North America consisting of 50 states and a federal district, known for its large size and diverse population.