The Owner of a Business Paid Cash from His Personal

question 72

Multiple Choice

The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction:

• A)increased a liability account and increased liabilities.
• B)decreased cash and increased expenses.
• C)increased assets and increased owners' equity.
• D)is not a transaction recognized by the business.

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Definitions:

Three Musts

A concept in psychology referring to three irrational beliefs that people think they must achieve, according to Albert Ellis, the founder of Rational Emotive Behavior Therapy.

Irrational Beliefs

Thoughts or beliefs that are unrealistic, illogical, and unhelpful, often contributing to negative emotional states and behaviors in cognitive-behavioral therapy contexts.

LFT

Liver Function Tests, a group of blood tests that evaluate the health and performance of the liver by measuring levels of enzymes, proteins, and substances in the blood.

Disputing Irrational

A cognitive-behavioral therapy technique aimed at challenging and modifying irrational beliefs and thoughts.