Question
7.How does paying a liability in cash affect the accounting equation? a. assets decrease; liabilities decrease b. liabilities decrease; owner's equity increases c. assets increase;
7.How does paying a liability in cash affect the accounting equation?
a. assets decrease; liabilities decrease
b. liabilities decrease; owner's equity increases
c. assets increase; liabilities increase
d. assets increase; liabilities decrease
8.
Which of the following accounts is a liability?
a. Service Revenue
b. Accounts Payable
c. Accounts Receivable
d. Wages Expense
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Internal Auditing Assurance And Consulting Services
Authors: Kurt Reding, Paul Sobel, Michael Head, Sridhar Ramamoorti, Urton Anderson
2nd Edition
0894136437, 978-0894136436
