____________________ Represent the Decrease in Assets (Or Increase in Liabilities)as

question 72

Short Answer

____________________ represent the decrease in assets (or increase in liabilities)as a result of efforts made to produce revenues.

---

Definitions:

Purchasing Inventory

The process of buying goods and materials that a company holds for the ultimate goal of resale or for use in producing other goods.

Purchase Requisition

A document or request made within an organization for the purchase of goods or services, initiating the procurement process.

Inventory Item

A specific product or good that a company holds for the purpose of selling to customers.

Business Activities

Operations, tasks, and functions carried out by a company in the pursuit of its economic objectives.