If During the Year Total Assets Increase by $75,000 and Total

question 35

Multiple Choice

If during the year total assets increase by $75,000 and total liabilities decrease by $16,000, by how much did owner's equity increase/decrease?

• A)$59,000 decrease
• B)$75,000 increase
• C)$91,000 increase
• D)$91,000 decrease

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Definitions:

Assertion

A confident and forceful statement of fact or belief, made without needing proof.

False

Untrue or not correct; not corresponding to truth or reality.

Nondisclosure

An obligation not to reveal confidential information or secrets.

Fraudulent Misrepresentation

The act of intentionally making false statements to deceive others, leading to legal harm or loss.