Goods Must Be of the Highest Quality Possible to Be

question 19

True/False

Goods must be of the highest quality possible to be merchantable.

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Definitions:

Accounts Receivable

Money owed by customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

Accounts payable are liabilities representing the amount a business owes to its suppliers or creditors for goods and services received but not yet paid for.

Cash Receipts Journal

A journal used to record all cash inflows or money received by the business.

Cash Received

The amount of money a business collects, normally in exchange for goods or services.