What Is the Effect on the Statement of Financial Position

question 49

Multiple Choice

What is the effect on the statement of financial position when the business has cash sales of $15,000 of goods that were originally purchased for $10,000?

• A)Increase asset bank $12,000; increase equity $12,000.
• B)Increase asset bank $15,000; decrease asset inventory $10,000; increase equity $5,000.
• C)Increase asset bank $4,000; increase equity $4,000.
• D)None of the above.

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Definitions:

External Factors

Elements outside an individual that can influence their behavior, decisions, and well-being, such as the environment, social interactions, and cultural norms.

Success

The achievement of a goal or the attainment of wealth, position, honors, or the like.

Humanistic Insights

Perspectives and understandings that emphasize personal growth, self-acceptance, and the realization of one's potential, often associated with humanistic psychology.

Julian Rotter

A psychologist known for his development of social learning theory and the concept of locus of control.