When a Company Makes Payment for Goods or Services,the Check

question 99

Multiple Choice

When a company makes payment for goods or services,the check is prepared by the company's

• A)requesting department.
• B)treasurer.
• C)accounting department.
• D)receiving department.

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Definitions:

Unlimited Liability

The legal obligation of business owners to bear any and all debts of the business with their personal assets.

Personal Assets

Individual possessions or properties, including money, that belong to a person, not related to business assets.

Sole Proprietor

A type of business entity owned and operated by a single individual, where there is no legal distinction between the owner and the business.

Personal Fortune

A person's net worth comprised of assets, cash, and investments minus any liabilities.