The Classification and Normal Balance of the Accounts Payable Account

question 7

Multiple Choice

The classification and normal balance of the accounts payable account is

• A) an asset with a credit balance
• B) a liability with a credit balance
• C) stockholders' equity with a credit balance
• D) revenue with a credit balance

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Definitions:

Standard Deviation

A numerical value indicating the spread of data points around the mean of the dataset.

Less Than

Less than is a mathematical term used to indicate that one quantity is smaller than another, often symbolized by "<".

Variable

Any characteristic, number, or quantity that can be measured or counted.

Normally Distributed

This symmetric distribution about the mean suggests that events are more likely to happen closer to the mean than farther from it.