Because Amounts Owed for Products or Services on Account Are

question 165

True/False

Because amounts owed for products or services on account are typically due in 60 days,they are current liabilities.

---

Definitions:

Sales Contracts

Legal agreements between buyers and sellers detailing the terms of sale and purchase of goods or services.

Federal Law

Legislation enacted by the federal government of a country, applicable nationwide and superseding local state laws in matters of national importance.

Trade Fixtures

Personal property used in a business and attached to leased premises, which can be removed by the lessee at the end of the lease term.

Firm Offer

An offer made in writing and giving assurances that it will be irrevocable for not longer than three months despite a lack of consideration for the irrevocability.