Write a Positive or Negative Integer That Describes the Situation

question 24

Multiple Choice

Write a positive or negative integer that describes the situation.
-finding 31 cents

• A) -31
• B) 31

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Definitions:

Accounting Equation

The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).

Owner's Equity

The net worth of an owner in a company, calculated as the difference between the company's assets and liabilities.

Liabilities

Financial obligations or debts of a business that are due to be paid to creditors in the future.

Accounting Equation

The foundational principle in accounting that states assets equal liabilities plus shareholders' equity.