True or False? When a bill is paid, the accounts payable is increased with a debit entry.

True of False? An irrevocable letter of credit can be changed as long as one of the parties involved agree to a change.

What financial calculation is used to determine a discount's ROI?

If a company charges 0.8 percent interest monthy on a monthly balance what is the interest per annum?

What is one of the advantages of drop shipping?

What is it called when a vendor ships out a product, then an invoice and then finally collects a payment at a later time?

Accounts Payable affect net income.

Can you collect and remit tax for a state even if not required to do so?

Ross & Co. pays all salaried employees on Monday for the 5-day work week ended the previous Friday. The last payroll recorded for the year ended December 31, 2004 was for the week ended December 25, 2004. The payroll for the week ended January 1, 2005 included regular weekly salaries of $80000 and vacation pay of $ 25000 for the vacation time earned in 2004 but not taken by December 31, 2004. Ross had an accrued liability of $20000 for vacation pay as on December 31, 2003. In its December 31, 2004 balance sheet, what amount should Ross report as accrued salary and vacation pay?

At what stage in the Accounts Payable process is cash affected?

Why is it important for companies to manage their Accounts Payable?