Payment Is Made for the Telephone Bill Which Was Recorded

question 2

Multiple Choice

Payment is made for the telephone bill which was recorded previously. What effect does this transaction have on the accounting equation?

• A)Assets and liabilities increase.
• B)Assets and retained earnings increase.
• C)Liabilities increase and contributed decreases.
• D)Assets and liabilities decrease.

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Definitions:

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Corporate Social Responsibility

A business practice that involves participating in initiatives that benefit society and the environment beyond what is required by law.

Innovation

The process of implementing new ideas, creating unique products, or improving existing services to meet new requirements or market needs.

Social Invention

Innovative creations or solutions that address societal needs, shaping social behaviors and structures.