Which of the following statements regarding the purchase account is true? The purchase account is a temporary account. The purchase account has a normal debit balance. The purchase account is classified as a cost account. All of these are true. In order for a business to make a profit, the selling price of merchandise must be less than the cost of merchandise must be greater than the cost of merchandise must be equal to the cost of merchandise on the balance 1) should fluctuate according to the time of the year. The practice of separating business financial information from personal financial information is an example of which accounting concept? adequate disclosure H. consistent reporting objective evidence business entity Which of the following statements is false? Accounts payable is a liability account. Accounts payable summarizes the individual vendor accounts. Accounts payable has a normal debit balance. To increase accounts payable you credit it. Match each term in Column I with its definition in Column