Dr. Wells purchased a refrigerator for use in storing medications at his office. The refrigerator will be classified as:
A) consumer goods.
B) equipment.
C) a fixture.
D) inventory.

Question

Quizplus · Accepted Answer

The refrigerator purchased by Dr. Wells for storing medications in his office is classified as equipment because it is used in the operations of his business, rather than for resale or personal use. Equipment is a category of business assets that includes tangible property used in the operations of a business.

Dr Wells Purchased a Refrigerator for Use in Storing Medications