MCQs > Finance & Management > Accounts Payable > The balance in Accounts Payable is decreased with a __________ entry.

Accounts Payable MCQs

The balance in Accounts Payable is decreased with a __________ entry.

credit

debit

Answer

Correct Answer: debit

Explanation:

Note: This Question is unanswered, help us to find answer for this one

Accounts Payable Skill Assessment

Your Skill Level: Poor

Retake Quizzes to improve it

More Accounts Payable MCQ Questions

What is a secured creditor?

If a requester insists on a rushed check to cover a mishap, what is the best method to handle this situation?

What is a benefit of using a procurement card?

What are payment gateways used for?

What is the definition of a company's current ratio?

Orleans & Co., a cash-basis taxpayer, prepares accrual-basis financial statements. In the current year balance sheet, Orleans's deferred income tax liabilities increased in comparison with those reported for the previous year. Which of the following changes would cause this increase in deferred income tax liabilities?

I.An increase in prepaid insurance premium

II.An increase in rent receivable

III.An increase in warranty obligations

" class="related-a">

I.An increase in prepaid insurance premium

II.An increase in rent receivable

III.An increase in warranty obligations

Which form is used to reimburse an individual for Travel and Entertainment expenses?

Which of the following methods can be used to value inventory in QuickBooks?

Companies accrue expenses in order to comply with which accounting principle?

Barnel Corp. owns and manages 19 apartment complexes. On signing a lease, each tenant has to pay the first and the last month's rent and a $500 refundable security deposit. The security deposits are rarely refunded in total because cleaning costs of $150 per apartment are almost always deducted. About 30% of the time, the tenants are also charged for damages to the apartment, which typically costs $100 to repair. If a one year lease deed is signed on a $900 per month apartment, what amount would the company report as refundable security deposit?

Accounts Payable Skill Assessment

Your Skill Level: Poor

Retake Quizzes to improve it