Which of the Following Statements Regarding Accounts Payable Is False

question 141

Multiple Choice

Which of the following statements regarding accounts payable is false?

• A)Accounting for accounts payable is really just the flip side of accounts receivable.
• B)Accounts payable arise when a business purchases goods or services on credit.
• C)Accounts payable arise when a business promises to purchase goods or services in the future.
• D)Accounts payable seldom require the payment of interest.

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Definitions:

France

A country in Western Europe known for its rich history, cultural landmarks such as the Eiffel Tower, and significant contributions to art, science, and philosophy.

Iraq

A country in Western Asia, bordered by Turkey, Iran, Kuwait, Saudi Arabia, Jordan, and Syria, notable for its ancient Mesopotamian heritage and rich reserves of oil.

North Korea

An East Asian country officially known as the Democratic People's Republic of Korea, known for its totalitarian regime, dynastic leadership, and isolation from much of the international community.

U.S. Troops

Members of the United States armed forces, including the Army, Navy, Air Force, Marine Corps, and Coast Guard.