Effects of Decreasing Assets on Financial Statements Quiz
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Questions and Answers

If assets decrease, what is the likely impact on capital?

  • B. Decrease (correct)
  • A. Increase
  • C. Stay the same
  • D. Cannot be determined

    • Which of the following is a possible effect of a decrease in assets?

  • B. Decrease in liabilities
  • C. Increase in capital
  • A. Increase in liabilities (correct)
  • D. Decrease in another asset

    • What is a possible consequence of a decrease in assets?

  • A. Increase in liabilities (correct)
  • B. Increase in capital
  • C. Increase in another asset
  • D. None of the above

    • What is the impact of an owner's withdrawal on assets and owner's equity?

    <p>A. decreases assets and owner's equity</p> Signup and view all the answers

    How does an owner's withdrawal affect assets and owner's equity?

    <p>A. decreases assets and owner's equity</p> Signup and view all the answers

    When an owner makes a withdrawal, what happens to assets and owner's equity?

    <p>A. decreases assets and owner's equity</p> Signup and view all the answers

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