In accounting what is meant by the term 'purchases'?
A) All items bought.
B) All good purchased and paid for.
C) All good bought for re-sale.
D) All goods held in inventory.

Name: In accounting what is meant by the term 'purchases'? A) All items bought. B) All good purchased and paid for. C) All good bought for re-sale. D) All goods held in inventory.
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Question

Quizplus · Accepted Answer

In accounting, 'purchases' refers to all goods bought specifically for the purpose of resale, not just any items bought or goods held in inventory.

In Accounting What Is Meant by the Term 'Purchases