All categories

3 years ago

the liability created when supplies are bought on account is called an account payable ,true or false

Business

1 answer:

tigry1 [53]3 years ago

6 0

Answer:

True.

Explanation:

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Current liability in financial accounting can be defined as the short-term financial obligation such as debt (account payable) that is due to be paid in cash within one (fiscal) year or one operating cycle of a company, whichever is longer.

A company's current liability comprises of the following; dividends payable, short-term debts, account payable, notes payable, interest payable, wages payable, deferred revenues, income tax payable, etc.

Basically, companies usually settles their current liabilities with current assets such as account receivables or cash, that are used up within a fiscal year.

Hence, the liability created when supplies are bought on account is called an account payable.

You might be interested in

A manufacturer of DVD players has monthly fixed costs of $9500 and variable costs of $55 per unit for one particular model. The

Alla [95]

Answer:

(a) C(x) = 9500 + 55x

(b) R(x) = 90x

(d) C(240) = $22,700

All functions are measured in $.

Explanation:

The total revenue of an entity is a function of the number of units sold and the selling price per unit. The total cost is a function of the fixed cost and the variable cost (which is also a function of the units produced/sold). Profit is a function of sales and cost.

Given that monthly;

fixed costs = $9500

variable costs = $55 per unit

Selling price = $90 per unit

Where x is the number of units

total costs C(x) in $ = 9500 + 55x

total revenue R(x) in $ = 90x

profit P(x) in $ = 90x - (9500 + 55x)

= 35x - 9500

C(240) = 9500 + 55(240)

= $22,700

5 0

3 years ago

Suppose that last year the equilibrium price and the quantity of good X were $10 and 5 million pounds, respectively. Because of

grandymaker [24]

Answer:

Explanation:

Last year the equilibrium price and the quantity of good X were $10 and 5 million pounds, respectively.

The producer surplus is the difference between the minimum price that a producer is willing to accept and the price it actually gets. It can be found by calculating the area between the supply curve and the market price.

The producer surplus

= $\frac{1}{2}\ \times\ base\ \times\ height$

= $\frac{1}{2}\ \times\ quantity\ \times\ price$

= $\frac{1}{2}\ \times\ 5\ \times\ 10$

= $25

Because of strong demand this year, the equilibrium price and the quantity of good X are $12 and 7 million pounds, respectively.

The producer surplus

= $\frac{1}{2}\ \times\ base\ \times\ height$

= $\frac{1}{2}\ \times\ quantity\ \times\ price$

= $\frac{1}{2}\ \times\ 7\ \times\ 12$

= $42

5 0

3 years ago

Which of the following activities are typically included in a project kick-off meeting?

ASHA 777 [7]

Answer:

b. The project manager outlines the project goals

Explanation:

As the name suggests, a project kick off meeting refers to the first and foremost meeting between project manager and his team and the clients of a project when commencing a new project.

The purpose behind such a meeting is to familiarize the project team, make them better understand the project and it's requirements and agreeing upon a plan of work together to accomplish the task.

Following steps would be noteworthy for conducting an effective project kick off meeting:

The project manager prepares his team and outlines and conveys the project goals to the team members and how they are to be attained.
Beginning the project client relationship on a good note and gaining client's support.
Putting one's best efforts with a systematic planned approach for the project kick off client meeting.

7 0

3 years ago

A firm that uses ___________ segmentation divides a market into groups based on life stage, race, or profession.

Triss [41]

Answer:

Demographic

Explanation:

Demographic segmentation is often used in marketing to group customers according to demographic factors. The demographic factors include- age, gender, occupation, race, religion and income.

Other forms of segmentation includes :

1. Behavioural segmentation

2. Geographic segmentation

3. Psychographic segmentation

I hope my answer helps you

7 0

3 years ago

According to ______ management, managers should fix an organization's problems by improving its structure, culture, and work rul

Pavlova-9 [17]

The answer is Deming management.

Deming management is a type of management that focuses on building and maintaining organizational structures that produce high-quality results.

It involves putting management scholar W. Edwards Deming's principles into practice.

Deming defined management as the establishment and ongoing development of organizational systems.

Customers of the company's goods or services will receive a raise in value as a result of the deployment of such a creative and improved management system. In today's globally competitive environment, which is characterized by quickly evolving technology and customers' aspirations for greater standards of values, continuous improvement is crucial to the management system.

Continuous improvement is the process of constantly refining and enhancing organizational processes, services, and products to produce better value for customers.

Hence, According to Deming management, managers should fix an organization's problems by improving its structure, culture, and work rules while treating employees well.

Learn more about management:

brainly.com/question/1276995

#SPJ4

4 0

2 years ago

the liability created when supplies are bought on account is called an account payable ,true or false​

the liability created when supplies are bought on account is called an account payable ,true or false