A Liability Would Be Credited and an Expense Debited If

question 130

Multiple Choice

A liability would be credited and an expense debited if

• A) the business paid a creditor.
• B) the business incurred an expense and did not pay the expense immediately.
• C) the business bought supplies on account.
• D) the business bought supplies for cash.

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Definitions:

Prejudice And Discrimination

Prejudice refers to preconceived opinions or attitudes towards individuals or groups, while discrimination involves actions or behaviors that disadvantage people based on these prejudices.

Frustration

The psychological experience produced by the blocking of a desired goal or fulfillment of a perceived need.

Attribution

The process by which individuals explain the causes of their own and others' behaviors and events.

Balance Theory

A theory in social psychology that explains how individuals maintain their attitudes and beliefs in harmony to avoid cognitive dissonance, focusing on triadic relationships between an individual, another person, and an object or idea.