Which of the Following Transactions Will Cause One Asset to Be

question 104

Multiple Choice

Which of the following transactions will cause one asset to be debited and another to be credited when the perpetual inventory system is in use?

• A) Purchased merchandise inventory on account
• B) Purchased merchandise inventory for cash
• C) Purchased office supplies on account
• D) Returned merchandise inventory for credit

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Definitions:

Snap Judgments

Quick decisions or assessments made instinctively without thorough analysis.

Cognitive Dissonance Theory

The theory that suggests that people experience discomfort or distress when their beliefs, attitudes, or behaviors are inconsistent with each other, leading to efforts to reduce the dissonance.

Attribution Theory

A theory focused on how people interpret and understand cause and effect relationships, and how this relates to their thinking and behavior.

Reward Theory

A theory suggesting that people are motivated by rewards, whether tangible or intangible, and that these rewards encourage specific behaviors.