Accounts Payable is a liability account and should be credited when: When the accountant must close the books on the period-end or year-end. When Net 30 terms are negotiated to 2%/10. When an invoice for goods or services is paid. When an invoice for goods or services is received. Subsidiary ledgers are kept for the following reasons EXCEPT: To provide controls for accuracy. To help accountants avoid using accounting software. To record all company payments to ensure they are all legitimate. To provide details of specific transactions that roll up to the general ledger. explain the correct answer with right letter and correct answr please
Accounts Payable is a liability account and should be credited when: When the accountant must close the books on the period-end or year-end. When Net 30 terms are negotiated to 2%/10. When an invoice for goods or services is paid. When an invoice for goods or services is received. Subsidiary ledgers are kept for the following reasons EXCEPT: To provide controls for accuracy. To help accountants avoid using accounting software. To record all company payments to ensure they are all legitimate. To provide details of specific transactions that roll up to the general ledger. explain the correct answer with right letter and correct answr please
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounts Payable is a liability account and should be credited when:
When the accountant must close the books on the period-end or year-end.
When Net 30 terms are negotiated to 2%/10.
When an invoice for goods or services is paid.
When an invoice for goods or services is received.
Subsidiary ledgers are kept for the following reasons EXCEPT:
To provide controls for accuracy.
To help accountants avoid using accounting software.
To record all company payments to ensure they are all legitimate.
To provide details of specific transactions that roll up to the general ledger.
explain the correct answer with right letter and correct answr please
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