Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.

Name: Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Receiving a bill or notification of an amount owed is recorded as accounts payable. It is only removed from accounts payable when the payment is made. Therefore, it is recorded even before the payment is made.

Receiving a Bill or Otherwise Being Notified That an Amount