Notes Payable,accounts Payable,taxes Payable and Salaries Payable Are All Examples

question 60

Multiple Choice

Notes payable,accounts payable,taxes payable and salaries payable are all examples of:

• A)liabilities.
• B)revenues.
• C)expenses.
• D)assets.

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Definitions:

Direct Materials

The raw materials used in the manufacturing process that are directly incorporated into the finished product.

Units Started and Completed

The quantity of product units that undergo the entire manufacturing process, from start to finish, within a given period.

Current Month

The current month refers to the ongoing month or the present period under consideration or review.

Weighted-Average Method

An inventory costing method that calculates cost of goods sold based on the weighted average cost of all items available for sale.