Accounts Payable Is a

question 98

Multiple Choice

Accounts payable is a

• A)Long-term Liability.
• B)Current Liability.
• C)Long-term Asset.
• D)Current Asset.

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Definitions:

Variable Costs

Variable Costs are expenses that vary directly with the level of production or sales volume, such as materials and labor.

Fixed Cost

Expenses that do not change with the level of goods or services produced by a business, such as rent, salaries, or insurance.

Competition-oriented

Focused on outperforming rivals in a market by differentiating products, services, or business practices.

Customary Pricing

Setting prices based on what is traditionally expected or accepted within a market or by customers.