Bill Purchased Office Supplies for $500 Cash

question 33

Multiple Choice

Bill purchased office supplies for $500 cash.What is the effect on accounts?

• A) Cash account increases; Accounts payable increases.
• B) Cash account increases; Supplies account increases.
• C) Supplies account increases; Cash account decreases.
• D) Supplies account increases; Owner's capital account increases.

Recognize the primary missions and functions of key federal departments such as the State Department, the Treasury, and the Federal Reserve System.

Describe the concept and impact of fiscal and monetary policies on national economy.

Analyze the effects of national security leaks and policies on privacy and international relations.

Explain the structure and function of the federal bureaucracy, including differences between departments, agencies, and bureaus.

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Definitions:

Bill Payments

The process of settling financial obligations for services rendered or goods provided.

Just-In-Time Scheduling

A method of minimizing inventory by sending out materials to workstations “just in time” to be used.

Production Delays

Refers to instances where the manufacturing or creation of products is slowed down or postponed due to various unforeseen issues such as supply chain disruptions, labor shortages, or equipment failures.

Raw Materials

Basic materials used in the production of goods, typically natural resources such as metals, wood, or oil.