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:

B2C Process

A business model that refers to the process where businesses sell products or services directly to consumers, typically through online platforms.

Resellers

Businesses or individuals that purchase goods with the intention of selling them to end-consumers without significant modification.

Producers

Producers are individuals or businesses that create goods or services, playing a crucial role in the economy by offering products for consumer or business use.

Derived Demand

The linkage between consumers’ demand for a company’s output and its purchase of necessary inputs to manufacture or assemble that particular output.