Which accounts are affected when the company buys a truck for cash?
A) Assets and Revenue
B) Liabilities and Capital
C) Capital and Liabilities
D) None of the above is correct.

Question

Quizplus · Accepted Answer

When a company buys a truck for cash, it affects two asset accounts: an increase in the vehicle (fixed asset) account and a decrease in the cash account. There's no direct effect on Revenue, Liabilities, or Capital accounts in this transaction.

Which Accounts Are Affected When the Company Buys a Truck