What Is the Overall Effect on the Statement of Financial

question 12

Multiple Choice

What is the overall effect on the statement of financial position when the business sells inventory for a profit of $5,000?

• A)Increase total assets $3,000; decrease total equity $3,000.
• B)Increase total assets $5,000; increase total equity $5,000.
• C)No change in total assets; no change in total equity.
• D)None of the above.

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Definitions:

Social Welfare

Organized public or private social services intended to aid disadvantaged, distressed, or vulnerable individuals or groups.

Psychological Harm

Damage inflicted on an individual’s mental health or well-being, including emotional distress, anxiety, or trauma.

Informed Decisions

Decisions made based on a thorough understanding of all relevant information, implications, and consequences.

NASW Code

The Code of Ethics of the National Association of Social Workers, providing guidance on the standards and ethical principles that govern the conduct of social workers.