If Total Liabilities Increased by $15,000 and Shareholders' Equity Increased

question 76

Multiple Choice

If total liabilities increased by $15,000 and shareholders' equity increased by $15,000 during a period of time, then total assets must change by what amount and direction (increase or decrease) during that same period?

• A)$15,000 decrease
• B)$15,000 increase
• C)$30,000 decrease
• D)$30,000 increase

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Definitions:

Procurement

The process of obtaining goods, services, or works from external sources, often via tendering or bid process, to fulfill a need or requirement.

Corporate Social Responsibility

A business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.

Formal Policy Statement

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The obligation of organizations or individuals to explain their decisions and actions to the public and to take responsibility for them.