Which of the following is true?
A) The payment of a Liability causes an increase in Owner's Equity
B) The collection of an Account Receivable will cause Total Assets to increase
C) The accounting equation may be stated as: Assets+Liabilities = Owners' equity
D) The purchase of an asset such as office equipment, either for cash or on credit, does not change the Owners' Equity
Correct Answer:
Verified
Q1: When Fixed Assets are sold
A)The Total Assets
Q2: Withdrawal of goods from stock by the
Q3: Withdrawals by proprietor would
A)Reduce both Assets and
Q5: Which of the following statements is/are true?
(i)
Q6: Trade discount allowed at the time of
Q7: The Periodical total of the Sales Return
Q8: If the Petty Cash fund is not
Q9: XYZ Ltd. Paid wages of ` 8,000
Q10: Purchase of goods on credit
A)Increases Liabilities
B)Increases Assets
C)Increases
Q11: Which of the following is not an
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