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Q. |
If Office Equipment is purchased for cash, what effect will this transaction have on the financial position of the company? |
A. | There is no change in the Assets, Liabilities and Owners‘ Equity |
B. | There is a decrease in Assets, increase in Liabilities and no change in Owners‘ Equity |
C. | There is a decrease in Assets, no change in Liabilities and a decrease in Owners‘ Equity |
D. | There is an increase in Assets, decrease in Liabilities and no change in Owners‘ Equity |
Answer» A. There is no change in the Assets, Liabilities and Owners‘ Equity |
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