Which of the Following Is True

question 40

Multiple Choice

Which of the following is true?

• A) Assets + liabilities = owners' equity
• B) Credits = assets
• C) Debits = credits
• D) Assets = liabilities - owners' equity

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Definitions:

Ratified Inadvertently

Approved or confirmed accidentally or without the full intention to do so.

Full Disclosure

The obligation to reveal all relevant details of a transaction.

Consideration

The value (such as money, services, or goods) that is exchanged between parties in a contract.

Void

A term describing a contract or legal action that is null, having no legal force or effect from the outset.