A Business Pays $500 Cash for Supplies

question 41

Multiple Choice

A business pays $500 cash for supplies.Which account is credited?

• A) Cash
• B) Accounts payable
• C) Supplies
• D) Service revenue

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Definitions:

Forklifting Costs

Forklifting costs refer to the expenses associated with operating and maintaining forklifts in a storage or manufacturing facility, including fuel, repairs, and labor.

Machine Setup Costs

Expenses incurred to prepare or adjust machinery for a specific production run or task.

Facility Sustaining Activity

Activities necessary for maintaining the operational efficiency of a facility but not directly tied to specific production units.

Supervisor Vet

A process or practice where supervisors review and approve activities or decisions, ensuring they meet certain standards or criteria.