What Term Is Used to Describe the Bills That the Practice

question 41

Multiple Choice

What term is used to describe the bills that the practice has for office rent, equipment rental, and salaries?

• A) Outgo accounts
• B) Accrual accounts
• C) Accounts payable
• D) Accounts receivable

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Definitions:

Inventory Record

Documentation that tracks the quantity, location, and status of products throughout the supply chain from acquisition to sale.

Inventory Items

These are goods and materials held by a business for the purpose of resale or as inputs in the production process.

Net Sales

The revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and discounts.

Multiple-Step

A method of preparing an income statement that separates operating revenues and expenses from non-operating ones, showing multiple levels of income calculation.