If an individual asset is increased, then
A) there could be an equal decrease in a specific liability.
B) there could be an equal decrease in shareholders' equity.
C) there could be an equal decrease in another asset.
D) none of these is possible.
Correct Answer:
Verified
Q53: The payment of a liability
A)decreases assets and
Q54: The purchase of an asset for cash
A)increases
Q55: If total liabilities increased by $22,500, then
A)assets
Q56: The purchase of an asset on credit
A)increases
Q57: Collection of an $800 accounts receivable
A)increases an
Q59: When a liability decreases:
A)the account is credited
Q60: A paid income tax instalment
A)increases assets and
Q61: An accountant has debited an asset account
Q62: In recording an accounting transaction in a
Q63: Which pair of accounts follows the rules
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