Purchasing Goods and Services and Making Payments Are NOT Considered

question 26

True/False

Purchasing goods and services and making payments are NOT considered core purchase transactions.

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Definitions:

Free

Not under the control or in the power of another; able to act or be done as one wishes, or without cost or payment.

Supplies Expense

An expense reported on the income statement that reflects the cost of supplies used during the reporting period.

Equipment

Tangible assets used in the operation of a business that have a useful life beyond a single reporting period.

Supplies

Items used in the operation of a business that are consumed or exhausted over time.