Supplies Are Recorded as Assets When Purchased

question 110

Multiple Choice

Supplies are recorded as assets when purchased. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies

• A) still on hand
• B) purchased
• C) used
• D) required for the next accounting period

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Definitions:

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Client Confidentiality

An ethical principle requiring attorneys to keep information related to their clients secret and not disclose it without the client's consent.