Payables Are Classified As

question 138

Multiple Choice

Payables are classified as:

• A)increases in earnings.
• B)decreases in earnings.
• C)liabilities.
• D)assets.

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Definitions:

Sales

The total receipts a company generates from selling its goods or services over a certain period of time; also often referred to as revenue.

Exchange Rates

A financial metric that determines how much one currency is worth in terms of another. It facilitates international trade and investment.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, resulting in a net profit or loss.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the asset's consumption or wear and tear.