When a Company Purchases Inventory on Account (That Is, on Credit)

question 29

Multiple Choice

When a company purchases inventory on account (that is, on credit) , which type of account is credited to record the transaction?

• A) liability
• B) owners' equity
• C) expense
• D) asset

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Definitions:

Intrasexual Selection

The process by which individuals of the same sex actively compete for mates. Typically numerous males compete for a limited number of receptive females.

Pair Bonds

The strong affinity that develops in some species between a male and female that mate and produce offspring.

Inclusive Fitness

A concept in evolutionary biology that considers an organism's success in passing on its genes, including through kinship.

Co-efficient Of Relatedness

A measure of the genetic similarity between two individuals, often used to predict the likelihood of gene sharing.