Question: if a transaction causes an asset to decrease, which of the following effects equal amount may also occur? a . A decrease in a liability

if a transaction causes an asset to decrease, which of the following effects equal amount may also occur?
a. A decrease in a liability account
b. A decrease in another asset account
C. An increase in an equity account
D. An increase in a liability account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Q1) Testbank, Question 14 * Your answer is Incorrect. The receipt of payment for an account receivable: O has no effect on the accounting equation. O affects only the asset side of the accounting...

Q:

Circla the comect answer 1. Assets are customarily presented in the balance sheet: a, on the basis of cost beeause cost is usually factual and capable of being verified. b. on the basis of current...

Q:

Please help me answer this. I need it asap. If its ok please provide short explanation for answer. Im so stressed in answering it I hope someone could help me. 1. Which of the following documents...

Q:

1.Which of the following statements is correct?* a. None of the above b. Liabilities is capital invested by the owner c. Accounts receivable and notes receivable are the same d. Total assets are...

Q:

If a transaction causes an asset account to decrease, which of the following effects of equal amount may also occur? A decrease in a liability account A decrease in another asset account An increase...

Q:

If a transaction causes an asset account to decrease, which of the following related effects may occur? An increase of equal amount in an owners' equity account. An increase in a liability account....

Q:

If a transaction causes an asset account to decrease, which of the following related effects may occur? Multiple Choice An increase of equal amount in an owners' equity account. An increase in a...

Q:

If a transaction causes an asset account to decrease, which of the following related effects may occur? A. an increase of equal amount in an owners' equity account B. an increase in a liability...

Q:

P-Toys Inc. reports the following transactions for April of 2018. The accounting period of P-Toys is one month. First, journalize each transaction using proper account names, such as Cash, Accounts...

Q:

Chapters 1 and 2 Homework Handout 1 T or F? 1 The purpose of accounting is to provide financial information about a business to individuals, agencies, and organizations 2 A business that creates a...

Q:

What problems does terrorism pose for globalization?

Q:

What is the difference between Chapter 7 and Chapter 13 bankruptcies?

Q:

9. The histogram represents the ages, in years, of 50 children. Find (i) the range. (ii) the median age. (iii) the lower and upper quartiles, (iv) the interquartile range. 12+ 10+ Frequency 6 8 4+...

Q:

a=2 b= 0 c= 2 d=0 e=0 f=9 g=3 5. Draw the Network diagram for the following project. Estimate the Earliest start time and Latest finish time for each activity. If every day it cost 200 rials for this...