Supplies Expense Is a Temporary Account

question 163

True/False

Supplies Expense is a temporary account.

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Definitions:

Gratuitous Bailment

An arrangement where one party (the bailor) entrusts their property to another (the bailee) without expecting any payment in return, solely for the benefit of the owner.

Legal Obligation

A duty bound by law that requires an individual or entity to act or refrain from acting in a certain way.

Family Heirloom

A valuable object that is passed down from generation to generation within a family, often carrying sentimental value.

Natural Resource Development

The process of cultivating, extracting, and managing natural resources such as minerals, oil, and timber for economic gain.