A Business Buys $500 of Office Supplies on Account

question 85

Multiple Choice

A business buys $500 of Office Supplies on account. Which of the following accounts is credited?

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

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Definitions:

Structural Forms

These are the configurations or arrangements of an organization's or system's components, dictating how it is organized and operates.

Environmental Scanning

The process of gathering information about the external environment to identify and interpret potential trends.

Leadership

The act of guiding and directing a group towards achieving a common goal, often involving the ability to inspire and influence others.

Chief Executives

The highest-ranking executives in an organization, typically responsible for making major corporate decisions and overseeing the overall operation.