For the Following Transaction,identify the Type of Change That Would

question 41

Multiple Choice

For the following transaction,identify the type of change that would have occurred in the accounting equation: Assets = Liabilities + Issued Capital + Opening retained profits + Revenue - Expenses - Dividends
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A cheque was drawn to pay an account payable.

• A) A liability increased and another liability decreased.
• B) An asset decreased and a liability decreased.
• C) An asset decreased and an expense increased.
• D) None of the above is correct.

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Definitions:

Present Discontents

A reference to current dissatisfaction or unease among a population or within an individual about social, political, or personal circumstances.

Edmund Burke

An Irish statesman and philosopher, often regarded as the father of modern conservatism, known for his support of the American Revolution and critiques of the French Revolution.

Act of Union

Refers to various legislative acts that united two or more regions or countries into a single entity, such as the 1707 act uniting England and Scotland.

1707

The year marking the unification of the Kingdoms of England and Scotland into the Kingdom of Great Britain, as ratified by the Acts of Union.