If an Individual Asset Is Increased, Then

question 88

Multiple Choice

If an individual asset is increased, then

• A) there must be an equal decrease in a specific liability.
• B) there must be an equal decrease in owner's equity.
• C) there must be an equal decrease in another asset.
• D) none of these is possible.

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Definitions:

Legislation

Laws enacted by a legislative body, such as parliament or congress, to govern a specific area of concern.

Binding

Creating a legal obligation or a contract that is enforceable in a court of law.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights with respect to services, products, or transactions.

Writing

The act or process of creating symbols such as letters or numbers on a surface to communicate or record information.