Under the purchases method to account for supplies inventory, an asset is recorded when inventories are acquired and the Expenditure is recorded when the supplies are consumed.

Name: Under the purchases method to account for supplies inventory, an asset is recorded when inventories are acquired and the Expenditure is recorded when the supplies are consumed.
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Quizplus · Accepted Answer

Under the purchases method, the expenditure is recorded when supplies are acquired, not when they are consumed.

Under the Purchases Method to Account for Supplies Inventory, an Asset