QUESTION 14 When a business receives payment from a debtor, the effect on the balance sheet of the firm is A. an increase in assets B. an increase in liabilities C. a decrease in liabilities D. the total amount of assets remains unchanged QUESTION 15 Which of the following best describes trial balances? A. It shows the financial position of a business. B. It is a special account. C. It shows all the entries in the books. D. It is a list of balances on the books.