When an Accounts Payable Account Is Paid in Cash, the Owner's

question 130

True/False

When an accounts payable account is paid in cash, the owner's equity in the business decreases.

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Definitions:

Individual or Group

Describes either a single person or a collection of persons considered together in context.

Uniform Partnership Act

A uniform act adopted by some U.S. states that govern the operations of partnerships within the state, including the creation, dissolution, and management of partnerships.

Defined as a "Person"

Legally recognizing an entity (can be human or non-human, such as corporations) as having rights and responsibilities.

Title to Property

The legal right to own, possess, use, control, and dispose of real estate or personal property.