Examlex
What is the correct term for an organization formed by individuals who usually pool their resources to market products?
Accounts Payable
Debts a company incurs from acquiring goods and services on credit, which are due to be paid to creditors.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, reported on the income statement.
Credit Balance
The amount of money in a financial account that indicates a creditor's position; it can also mean the positive balance in a customer's account.
Wages Payable
Wages payable are the amounts owed to employees for work performed that have not yet been paid; it is a liability on the company's balance sheet.
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