The Effect on the Statement of Financial Position When a Debtor

question 62

Multiple Choice

The effect on the statement of financial position when a debtor pays the amount that is owed is:

• A)increase asset bank; decrease asset debtor; increase equity.
• B)increase asset bank; increase equity.
• C)increase asset bank; decrease asset debtor.
• D)none of the above.

---

Definitions:

Conflict

A serious disagreement or argument, typically a protracted one, that can occur between individuals, groups, or nations.

Soviet Atomic Bomb

The first nuclear weapon developed by the Soviet Union, successfully detonated in 1949, marking the start of the nuclear arms race during the Cold War.

United States

A country primarily located in North America, consisting of 50 states, a federal district, five major self-governing territories, and various possessions.