A characteristic of Purchases is:

Name: A characteristic of Purchases is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

All of the given options are correct! 
Purchases is a nominal account and hence has a debit normal balance. 
It reduces net income because it is an expense account that is used to record the cost of inventory purchased during the accounting period. 
Also, it is used to record the purchase of merchandise to be resold, which is the primary purpose of this account.

A Characteristic of Purchases Is