A Business Pays $500 Cash for Supplies

question 106

Multiple Choice

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

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

Explain the procedures and importance of accounting for contingent liabilities.

Distinguish between different types of liabilities (current, long-term, contingent, etc.) and their impact on financial statements.

Understand payroll concepts including payroll taxes, net pay calculations, and employee benefits.

Explain the significance of accurate tax withholdings and the role of withholding tables in payroll processing.

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Definitions:

Punishment

A consequence that decreases the likelihood of a behavior being repeated in the future, often used in behavior management strategies.

Shaping

A process in behavioral psychology where successive approximations of a behavior are reinforced to teach a new behavior.

Primary Reinforcers

These are naturally reinforcing stimuli, such as food or water, that satisfy biological needs and do not require learning to become effective.

Secondary Reinforcers

Stimuli that do not naturally provide reinforcement but have acquired reinforcing qualities through being associated with primary reinforcers.