If Total Liabilities Decrease by $22,000 and Owner's Equity Increases

question 66

Multiple Choice

If total liabilities decrease by $22,000 and owner's equity increases by $8,000 during the period, then assets must have:

• A)increased $30,000.
• B)decreased $30,000.
• C)increased $14,000.
• D)decreased $14,000.

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Definitions:

Communism

An ideology focused on politics and economics that supports a society without classes, where the community collectively owns and manages the means of production.

Conflict Theory

A theoretical framework that views society as an arena of inequality generating conflict and social change.

Functionalism

A theoretical perspective in social science that emphasizes the societal structures which exist to maintain stability and order in society.

Symbolic Interactionism

A sociological perspective focusing on how individuals interact based on shared meanings and symbols, emphasizing the subjective aspects of social life.