A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click to select your anwer. Iype here to search The purpose of the accounting process is to provide financial information about: O A. sole proprietorships. O B. large corporations. OC. small businesses. O D. All of these answers are correct Click to select your answer. P Type here to search If Or Fashioned Toys' Revenues are greater than its Expenses during the accounting period: O A. Assets will increase more than Liabilities O B. the business will incur a loss O C. Liabilities will increase more than Assets O D. the business will earn a net income. Click to select your answer. Type here to search esc