Topics, 100 Accounting Resources, 100 Lecture List
8. A decrease in total equity for assets consumed or liabilities incurred to help generate revenue are
a. Revenue
b. Liabilities
c. Owners’ Equity
d. Expenses
e. Assets
Recommendations – Use the process of elimination, eliminating accounts which are not correct. Write down the accounting equation and consider which account types are not part of the accounting equation and why. In other words, where do they fit into the accounting equation.
Answer:
D
Over 5 more multiple choice test banks, 10 questions long and one test 67 questions long. Tests include PDF format of multiple choice test, multiple choice answers, a student answer key sheet, and instructor answer key sheet.
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