Amounts owed for products or services purchased on account are called ________
A) accounts payable
B) unearned revenue
C) accrued expense
D) warranty payable
A
Business
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In regards to extraordinary items, which of the following statements is not correct?
A) Losses due to lawsuits do not qualify as extraordinary. B) An extraordinary gain is reported the same as a loss - net of the income tax effect. C) Taking of a company assets by a foreign government are generally considered to be extraordinary items. D) Extraordinary items are reported separately from continuing operations because of their infrequent and unusual nature.
Business
What is the difference between consumer promotions and trade promotions?
What will be an ideal response?
Business