WAEC Accounting 2016 Objective — Question 13

Question 13 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.

13. In accounting context, purchases refer to A. goods bought and paid for only B. goods bought for resale only C. goods bought on credit only D. goods bought to be used in the firm only

A. goods bought and paid for only
B. goods bought for resale onlyCorrect
C. goods bought on credit only
D. goods bought to be used in the firm only

Explanation

Purchases, in accounting means goods that are bought for stock, which are intended for resale.

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