Rick Bought a Car for Use in the Company Costing

question 4

True/False

Rick bought a car for use in the company costing £5,000 on 31 December 2021. He took out a business loan for this on 31 December 2021.
The double entry for the purchase of van is:
Increase the expense a/c = DEBIT LOAN ACCOUNT A/C £5,000
Increase liability a/c = CREDIT MOTOR VEHICLES A/C £5,000

---

Definitions:

Social Loafing

The phenomenon where individuals exert less effort when working in a group than when working alone.

Computer-mediated Interactions

Communication between people that is facilitated by, or takes place through, computer technology, including email, chat rooms, and social media platforms.

Virtual Team

A group of individuals who work together from different geographical locations, facilitated by communication and collaboration technologies.

Distributed Leadership

A leadership approach where authority and decision-making responsibilities are spread among multiple members within a group or organization, emphasizing collaboration and empowerment.