Excel Vehicles, Inc., makes and sells automobiles to auto dealers, including Fine Auto Sales. Fine sells the cars to consumers and businesses.
-Refer to Fact Pattern 24-1.Holly,a professional driver,buys an Excel from Fine to drive in a Grand Prix race.Holly's Excel is
A)a consumer good.
B)an accession.
C)equipment.
D)inventory.

Question

Quizplus · Accepted Answer

Holly's Excel is considered equipment because it was purchased for a specific business purpose, which is to be used in the Grand Prix race.