Which of the Following Statements Is Correct

question 44

Multiple Choice

Which of the following statements is correct?

• A) Recording revenues results in an increase in assets or a decrease in liabilities.
• B) Recording revenues results in an increase in assets or a decrease in stockholders' equity.
• C)Recording expenses results in a decrease in assets or a decrease in liabilities.
• D)Recording expenses results in an increase in assets or an increase in liabilities.

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Definitions:

Planning

The process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals.

Competition

The rivalry between businesses or individuals for dominance, resources, or achievements in a certain field or market.

Framework

A basic structure or set of guidelines designed to support or encase something, often used in the development of projects, policies, or software.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.