If Office Equipment Is Sold at Cost in Exchange for a Promissory

question 125

Multiple Choice

If office equipment is sold at cost in exchange for a promissory note,

• A) total liabilities increase.
• B) total liabilities and stockholders' equity decrease.
• C) total assets decrease.
• D) total assets remain the same.

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Definitions:

Growth Needs

Psychological needs that drive personal development, self-improvement, and the realization of one's full potential.

Being Needs

The higher-level needs in Maslow's hierarchy, involving the desire for self-fulfillment, personal growth, and self-actualization.

Deficit Needs

Described by Maslow, these are basic needs that must be met before an individual can focus on higher-level psychological needs.

Clinical Patients

Individuals who are receiving or have received treatment and care for psychological or physical health conditions.