If a purchase occurs without corresponding cash disbursements or purchase returns that total the purchase amount, a claim exists that is typically called accounts payable.

Name: If a purchase occurs without corresponding cash disbursements or purchase returns that total the purchase amount, a claim exists that is typically called accounts payable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Accounts payable represent a liability for goods or services received but not yet paid for, indicating an obligation to pay the supplier in the future.

If a Purchase Occurs Without Corresponding Cash Disbursements or Purchase