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:
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Q47: The payment of an account payable
A) decreases
Q48: If expenses are paid in cash, then
A)
Q49: Recording revenue
A) increases assets and liabilities.
B) increases
Q50: Debit and credit can be interpreted to
Q51: An expense
A) decreases assets and liabilities.
B) decreases
Q53: The payment of a liability
A) decreases assets
Q54: Collection of an $800 accounts receivable
A) increases
Q55: A paid income tax instalment
A) increases assets
Q56: Accounting systems should record
A) all economic events.
B)
Q57: If total liabilities increased by $22,500, then
A)
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