Question: The debt created by a business when it borrows from a vendor or supplier is called a ( n ) : a . contingent liability.

The debt created by a business when it borrows from a vendor or supplier is called a(n):
a. contingent liability.
b. account payable.
c. account receivable.
d. intangible asset.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The debt created by a business when it borrows from a vendor or supplier is called a ( n ) : account receivable, an account payable, a contigent liability or an intangible asset?

Q:

The debt created by a business when it borrows against credit from a vendor or supplier is called a ( n ) q , a . account payable b . account receivable c . intangible asset d . contingent liability

Q:

E1-1 Types of businesses Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, you may use the...

Q:

E1-1 Types of businesses Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, you may use the...

Q:

Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for...

Q:

A new machine with a purchase price of $94,000, transportation costs of $8,000, installation costs of $6,000, and sales tax of $2,000, would have a cost basis of $ 96,000 $102,000 $108,000 $110,000...

Q:

Q1. Over 90% of the total dollars of business receipts are received by proprietorships. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

Q1. Over 90% of the total dollars of business receipts are received by proprietorships. a. true b. false Q2. Assets are acquired through investing activities when resources are purchased. a. true b....

Q:

Questions for a practice study test for final. Use ABCD in your answer instead of writing it out. Thank You! 1 of 35 Which of the following would NOT be considered part of the cost of a constructed...

Q:

125(1) Q1. Given the following list of accounts, calculate Total Assets: Accounts Receivable 5,000 Capital Stock 20,000 Cash 19,300 Equipment 15,400 Fees Earned 44,400 Miscellaneous Expense 18,200...

Q:

Dax Company is considering an investment with the following information. a. Compute the net present value of the investment. b. Determine whether the investment should be accepted or rejected on the...

Q:

In Problem 13: a. The maximum demand for bracelets is four. If the store produces the optimal number of bracelets and necklaces, will the maximum demand for bracelets be met? If not, by how much will...

Q:

Which of the folowing statemerts regarding bonds and their lerms is FRMSE? A . Treanury bils are U . S . govermment bonds with a maharty of ap lo ane pear. B . The zero - cospon bord has no periode...

Q:

4 1 point Which of the following is not a distribution strategy that manufacturers employ that relates to reaching and serving target consumers? Limited Intensive Exclusive Selective ear my selection

Q:

A gatekeeper is: a A pathway to continuing access to a group of people or organisation. b Gaining acceptance for your research from someone who can arrange access to research participants and other...

Q:

Which of the following is not part of the principles underpinning the Data Protection Act? a Data may only be used for the purpose for which they were collected. b Data must be stored in a secure...

Q:

The purpose of the Freedom of Information Act in the United Kingdom is to: a Ensure data privacy and protect personal data. b Increase the transparency and accountability of public authorities. c...