On the Balance Sheet, Vouchers Payable Would Be

question 102

Multiple Choice

On the balance sheet, Vouchers Payable would be:

• A) a special liability account.
• B) an asset account.
• C) renamed as Accounts Payable.
• D) shown as long-term liabilities.

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Definitions:

Short Run

A period in economics during which some factors of production or inputs are fixed in quantity and cannot be changed.

Industry

A distinct group of productive or service businesses that share similar characteristics, processes, or goods.

Perfect Competitor

A theoretical firm in a perfectly competitive market where no single buyer or seller has the market power to influence prices.

Long Run

The long run is a period in which all factors of production and costs are variable, allowing for complete adjustment to changes.