WGU Finance C708
Western Governors University
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account payable Ans The liability created by a purchase on account. 
 
account receivable Ans A claim against the customer created by selling merchandise or services on credit. This item is shown on the Balance Sheet. 
 
accounting assumptions Ans Assumptions that provide the framework upon which accounting standards are constructed. 
 
accounting Ans An information system that provides reports to users about the economic activities and condition of a business. 
 
accounting cycle Ans The proces...
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