Multiple Choice
What is the effect on the statement of financial position when the business pays a creditor?
A) decrease asset creditor; decrease liability bank.
B) decrease asset bank; decrease liability creditor.
C) decrease asset bank; decrease equity.
D) none of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Which accounting convention has the effect that
Q26: Identify the current liability.<br>A)Wages owing.<br>B)Loan from B
Q27: Which of these is not an asset?<br>A)Accounts
Q28: Which of the following is a liability?<br>A)Drawings.<br>B)Prepaid
Q29: A limitation of the statement of financial
Q31: The accounting convention that calls for financial
Q32: 'A present obligation of an entity arising
Q33: Which of the following is not considered
Q34: You are provided with the statement
Q35: In recent years, the more common format