Which of the Following Transactions Would Have No Effect on Total

question 31

Multiple Choice

Which of the following transactions would have no effect on total assets, total liabilities, or owner's equity?

• A)payment of a liability
• B)borrowing cash by issuing a note payable
• C)purchasing supplies for cash
• D)purchasing supplies on account

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Definitions:

Angular Unconformity

An unconformity (ancient erosion surface) in which the older, underlying strata dip more steeply or at a different angle than the younger, overlying strata.

Landscape Surface

The visible top layer of the earth's crust, including its physical features such as mountains, valleys, and plains.

Lithification

The conversion of unconsolidated sediment or volcanic ash into a coherent, solid rock, involving processes such as compaction and cementation.

Sedimentary Layers

Layers of rock or soil with internally consistent characteristics that distinguish them from contiguous layers.