If Total Liabilities Decreased by $134,000 During a Period of Time

question 61

Multiple Choice

If total liabilities decreased by $134,000 during a period of time and shareholders' equity increased by $103,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total assets is a(n)

• A) $134,000 increase.
• B) $103,000 increase.
• C) $31,000 decrease.
• D) $31,000 increase.

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Definitions:

Psychosocial Development

Erik Erikson's theory that individuals pass through eight developmental stages, each involving a specific crisis that contributes to the formation of personality.

Erik Erikson

A prominent psychologist known for his theory on psychosocial development, which outlines eight stages of human growth and development throughout the lifespan.

Defy Authority

To openly resist or refuse to obey figures of authority or established rules.

Value

The importance, worth, or usefulness of something, often determined by social, personal, or economic factors.