Paying an Account Payable Increases Liabilities and Decreases Assets

question 57

True/False

Paying an account payable increases liabilities and decreases assets.

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Definitions:

Calculations

The act of calculating the outcome of a mathematical or logical formula.

AutoSum Button

A functionality within spreadsheet software that automatically computes the total for a specified group of cells.

Formula

A predefined mathematical equation used in spreadsheets or other applications to perform calculations or data manipulation.

Function

In programming, a named section of a code that performs a specific task and can return a value. It can also refer to the mathematical notion where a relation associates inputs to outputs.