Obligations to pay for goods or services that have been provided but for which a supplier's invoice has not yet been received are recorded as:
A) debentures.
B) accounts payable.
C) warranties.
D) contingencies.

Question

Quizplus · Accepted Answer

If goods or services have been provided but a supplier's invoice has not yet been received then the obligation to pay for the goods or services should be recorded as an accounts payable. Accruals often involve estimation, such as the amount of the next electricity bill. The level of uncertainty associated with accruals is higher than borrowings but it is generally relatively low as the amounts can often be estimated from reoccurring changes.

Obligations to Pay for Goods or Services That Have Been