Match Each Transaction with Its Effect on the Accounting Equation

question 146

Multiple Choice

Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
-Paid cash for the purchase of a one-year insurance policy

• A)Increase assets, increase liabilities
• B)Increase liabilities, decrease owner's equity
• C)Increase assets, increase owner's equity
• D)No effect
• E)Decrease assets, decrease liabilities
• F)Decrease assets, decrease owner's equity

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Definitions:

Leader Emergence

The process whereby certain individuals naturally become leaders in a group based on their skills, behaviors, or interactions with group members.

Set Goals

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives.

Influence Others

The process of affecting the actions, beliefs, or attitudes of another person or group through persuasion or authority.

Visionary

An individual with a clear, distinctive, and specific future view, combined with the ability to communicate that vision in a way that influences others.