A Business Purchases Equipment for Cash in the Amount of $8,000.Which

question 140

Multiple Choice

A business purchases equipment for cash in the amount of $8,000.Which account is credited?

• A) Cash
• B) Accounts payable
• C) Utilities expense
• D) Equipment

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Definitions:

Entrepreneurial Behavior

Actions and attitudes indicative of an individual's willingness to take risks and innovate in pursuit of new business opportunities.

Entrepreneurial Capabilities

The skills, knowledge, and attitudes required to identify opportunities, create, and grow successful new ventures.

Team

A group of individuals working together to achieve a common goal or complete a task.

Family Ownership Group

A business organization where the majority of control and ownership lies within a single family, often passed down through generations.