A Transaction That Decreases an Asset Account and Increases a Liability

question 125

True/False

A transaction that decreases an asset account and increases a liability account must also affect one or more other accounts.

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Definitions:

Decent Standard

A level of living or quality of life that is considered suitable or acceptable by general societal norms.

Cost Of Living

The amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time.

Economic Growth

The increase in the production of goods and services in an economy over a period of time.

Microeconomics

Microeconomics is the branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders.