A Business Purchases $1,000 of Office Supplies on Account

question 52

Multiple Choice

A business purchases $1,000 of office supplies on account.Which of the following accounts is debited?

• A) Cash
• B) Accounts Payable
• C) Office Supplies
• D) Prepaid Asset

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Definitions:

Probability of Success

The likelihood or chance of an event happening that is considered a favorable outcome.

Normal Curve

A symmetric bell-shaped curve that represents the distribution of many types of data; most values remain near the mean and the frequencies decrease further from the mean.

Binomial Probability

The probability of obtaining a fixed number of successes in a set number of trials in an experiment with two possible outcomes.

Continuity Correction

A correction used in approximating a discrete distribution with a continuous one, especially in hypothesis testing with binomial distributions.