A ________ Is Defined as an Item Consumed in One

question 63

Multiple Choice

A ________ is defined as an item consumed in one or a few uses.

• A) durable good
• B) convenience good
• C) specialty good
• D) shopping good
• E) nondurable good

---

Definitions:

Owner's Drawings

The amount of money taken out from the business by the owner(s) for personal use.

Income Statement

A financial statement that shows a company's revenues and expenses over a specified period, resulting in net profit or loss.

Debit Entries

Accounting entries that increase an asset or expense account, or decrease a liability or equity account.

Credit Entries

Bookkeeping records that increase liabilities or equity or decrease assets on a company's balance sheet.