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:

Accessor Methods

Methods in object-oriented programming used to get the values of private fields of a class.

Instance Variable

An instance variable is a variable declared in a class for which each object of the class has its own value.

Abstraction

The concept of hiding complex implementation details and showing only the essentials, making it easier to handle complex systems.

Class Definition

The code structure in object-oriented programming that specifies the attributes and methods of a class.