True/False  Using cash to purchase office supplies, which will be consumed later, results in an increase in expenses and a decrease in assets at the time of purchase.   I believe false, because while there would be a decrease in cash, there would be an increase in supplies. So assets would remain the same...

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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True/False 

Using cash to purchase office supplies, which will be consumed later, results in an increase in expenses and a decrease in assets at the time of purchase.

 

I believe false, because while there would be a decrease in cash, there would be an increase in supplies. So assets would remain the same...

 

 
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