Practice Quiz

Veterinary Practice Manager

Category - CVPM

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If Amy purchases $1,300.00 worth of dog bowls for the veterinary practice that she manages, and she pays by credit card, what type of liability is created as a result of this transaction?
  1. Account payable
  2. Operating expense
  3. Asset generation
  4. Unearned revenue
Explanation
Answer: A- If Amy purchases $1,300.00 worth of dog bowls for the veterinary practice that she manages, and she pays by credit card, the type of liability that is created is called an account payable.
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