How Does the Purchase of Office Equipment on Account Affect

question 81

Multiple Choice

How does the purchase of office equipment on account affect the accounting equation?

• A)Assets increase; liabilities decrease
• B)Assets increase; owner's equity increases
• C)Assets increase; liabilities increase
• D)Liabilities increase; owner's equity decreases

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Definitions:

Ethical Standards

Principles that guide behavior and decision-making based on notions of right and wrong.

National or State Licenses

Official permissions granted by governmental bodies that allow individuals or organizations to practice in certain professions.

Kitchener's Five Moral Principles

A framework in ethics consisting of autonomy, justice, beneficence, nonmaleficence, and fidelity.

ACA Code

refers to the American Counseling Association's Code of Ethics, which provides guidelines for professional counselors.