Several Transactions Are Listed

question 206

Multiple Choice

Several transactions are listed. Use the choices to identify the effect on the accounting equation for each transaction listed. (Choices may be used more than once.)
-paying for a previous purchase on credit

• A)assets and liabilities increase
• B)assets and contributed capital increase
• C)assets and retained earnings increase
• D)two asset accounts are impacted, but there is no net effect on total assets
• E)assets and liabilities decrease
• F)assets and retained earnings decrease
• G)liabilities increase and retained earnings decrease
• H)liabilities decrease and retained earnings increase

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Definitions:

Occupational Discrimination

Unfair treatment of workers based on race, gender, age, religion, or other personal characteristics unrelated to job performance.

Pretax Income

The total income earned by an individual or a business before any taxes are deducted.

Unemployment Compensation

Unemployment compensation refers to the financial assistance provided by the government to unemployed workers who meet certain eligibility criteria, aiming to reduce the economic burden of unemployment.

Employers

Entities or individuals that hire and employ workers, providing compensation in exchange for the performance of job duties and contributing to the labor market dynamics.