A Purchase of Merchandise Inventory for Cash

question 6

Multiple Choice

A purchase of merchandise inventory for cash:

• A) decrease net income.
• B) increase net income.
• C) increases assets.
• D) has no effect on assets.

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Definitions:

Thirteenth Amendment

The amendment to the United States Constitution that abolished slavery and involuntary servitude, except as punishment for a crime.

Abolished Slavery

The act of formally ending the practice of enslaving people, making it illegal to own slaves.

North American Continent

A vast geographical region comprising the countries of Canada, the United States, Mexico, and the nations of Central America, among others.

Largest Battle

Typically refers to a military engagement with the largest number of combatants or casualties; can vary based on context and historical period.