To Record the Purchase of Assets on Account Under the Modified

question 44

Multiple Choice

To record the purchase of assets on account under the modified cash accounting method,

• A) no entry is required.
• B) debit the asset and credit Accounts Payable.
• C) debit the asset and credit Cash.
• D) debit Accounts Receivable and credit Accounts Payable.

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Definitions:

Cognitive Development

The process by which individuals perceive, think, and gain understanding of their world through the interaction and influence of genetic and learned factors.

Psychologists

Professionals who study cognitive, emotional, and social processes and behavior by observing, interpreting, and recording how individuals relate to one another and their environments.

Jean Piaget

A Swiss psychologist known for his pioneering work in the field of developmental psychology, particularly for his theory of cognitive development in children.

Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of human beings, which outlines eight stages from infancy to adulthood.