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What's the difference between an Asset and Owner's equity? All the following are correct responses except for which? 1) An asset is reflective of everything
What's the difference between an Asset and Owner's equity? All the following are correct responses except for which?
1) An asset is reflective of everything you accquired using O/E & Liability accounts. 2) Owner's Equity refers to investments made from the owner/s 3) To increase Assets we debit, and to increase O/E we credit. 4) Assets could be the same increase through increasing O/E. 5) Assets are generally lower than O/E
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