1 A business pays off a note payable What effect does this have on the accounting equation A Assets increase, Liabilities remain the same, and Stockholders' Equity increases B Assets increase, Liabilities decrease, and Stockholders' Equity remains the same C Assets decrease, Liabilities remain the same, and Stockholders' Equity increases D Assets decrease, Liabilities decrease, and Stockholders' Equity remains the same 2 If Total Assets remain the same and Total Stockholders' Equity increases, Liabilities will A increase by the same amount B decrease by the same amount C increase by a different amount D remain the same The Income Statement is used to report A the financial position for a specific period B results of operations for a specific date C the financial position on a specific date D results of operations for a specific period The Balance Sheet is used to report A results of operations for a specific period B the financial position for a specific period C the financial position on a specific date D results of operations for a specific date

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Question: 1.A business pays off a note payable. What effect does this have on the accounting? equation? A. Assets? increase, Liabilities remain the? same, and? Stockholders'

1.A business pays off a note payable. What effect does this have on the accounting? equation? A. Assets? increase, Liabilities remain the? same, and? Stockholders' Equity increases. B. Assets? increase, Liabilities? decrease, and? Stockholders' Equity remains the same. C. Assets? decrease, Liabilities remain the? same, and? Stockholders' Equity increases. D. Assets? decrease, Liabilities? decrease, and? Stockholders' Equity remains the same

If Total Assets remain the same and Total? Stockholders' Equity? increases, Liabilities? will:

increase by the same amount.

decrease by the same amount.

increase by a different amount.

remain the same.

The Income Statement is used to? report:

the financial position for a specific period.

results of operations for a specific date.

the financial position on a specific date.

results of operations for a specific period.

The Balance Sheet is used to? report:

results of operations for a specific period.

the financial position for a specific period.

the financial position on a specific date.

results of operations for a specific date.

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