6 Questions
If assets decrease, what is the likely impact on capital?
B. Decrease
Which of the following is a possible effect of a decrease in assets?
A. Increase in liabilities
What is a possible consequence of a decrease in assets?
A. Increase in liabilities
What is the impact of an owner's withdrawal on assets and owner's equity?
A. decreases assets and owner's equity
How does an owner's withdrawal affect assets and owner's equity?
A. decreases assets and owner's equity
When an owner makes a withdrawal, what happens to assets and owner's equity?
A. decreases assets and owner's equity
Test your knowledge on the effects of decreasing assets on financial statements. Determine how this change impacts liabilities, capital, and other assets. Choose the correct answer from multiple options provided.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
