What Would Be the Effect on the Accounts If the Business

question 102

Multiple Choice

What would be the effect on the accounts if the business purchased office supplies for cash?

• A)An asset would be debited and an expense debited.
• B)Expense would be debited and Revenue credited.
• C)An asset would be debited and Revenue credited.
• D)An asset would be debited and an asset credited.

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Definitions:

More than One Possible Meaning

A phrase denoting ambiguity, where a word, phrase, or situation can be understood in more than one way.

Revisions to Article 1

Amendments or modifications made to Article 1 of a specific document or legislation, which typically outlines fundamental principles or rules.

Personal Property

Any property that is not real estate or attached to land, including movable objects and intangible rights.

Executor-Administrator Provision

A clause in a will or estate plan that specifies who will manage the estate (executor) if the will is with a will, or the court appoints an administrator if there is no will.