A Promissory Note Issued When Receiving a Time Extension on an Amount

question 131

Multiple Choice

A promissory note issued when receiving a time extension on an amount owed to a suppler would have which effect on the categories?

• A)Total assets would be increased.
• B)Total liabilities would be increased.
• C)Owner's equity would be decreased.
• D)None of these answers is correct.

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Definitions:

Consciousness

The quality or state of being aware of an external object or something within oneself.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing and sending out nerve signals.

Depolarization

The process of reducing the electrical charge difference across a cell membrane, crucial for the propagation of nerve impulses.

Sodium Ions

Positively charged particles of sodium, vital for maintaining the electrolyte balance and blood pressure in the body.