Multiple Choice
A company purchases supplies on account,what is the effect on the accounting equation?
A) assets decrease; equity increases
B) assets decrease; equity decreases
C) liabilities decrease; equity decreases
D) liabilities increase; equity increases
E) liabilities increase; assets increase
Correct Answer:
Verified
Correct Answer:
Verified
Q17: At the beginning of the year, a
Q81: If equity is $300,000 and liabilities are
Q95: FastForward has net income of $18,955 and
Q130: If Beginning Retained Earnings was $184,300,the company
Q136: Select the appropriate financial statement(s)for each of
Q138: Which of the following is the correct
Q175: Identifying business activities requires selecting transactions and
Q234: Viscount Company collected $42,000 cash on its
Q238: Creditors' claims on the assets of a
Q260: The organization that attempts to create more