If Supplies That Have Been Purchased Are Used in the Course

question 205

Multiple Choice

If supplies that have been purchased are used in the course of business then

• A) a liability will increase.
• B) an asset will increase.
• C) owner's equity will decrease.
• D) owner's equity will increase.

---

Definitions:

Fraudulent Statement

A false statement knowingly made with the intent to deceive and induce another to act to their detriment.

Good Faith Purchaser

An individual who buys property without knowledge of any prior claims, fraud, or faults in the title, and thus is protected under the law.

Affirmed Contract

An affirmed contract is a contract that has been confirmed or validated by the parties involved or by a court, especially after a challenge of its validity.

Labor Day

An annual holiday celebrating the achievements of workers, observed on the first Monday in September in the United States.