If the Liabilities of a Business Increased $75,000 During a Period

question 71

Multiple Choice

If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have:

• A) Decreased $105,000.
• B) Decreased $45,000.
• C) Increased $30,000.
• D) Increased $45,000.
• E) Increased $105,000.

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Definitions:

Universalism

The ideological belief in universal applicability or effectiveness of concepts across different cultures or situations.

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

PTSD

Posttraumatic Stress Disorder, a mental health condition triggered by experiencing or witnessing a terrifying event, characterized by flashbacks, nightmares, and severe anxiety.

9/11

The date, September 11, 2001, when terrorist attacks occurred in the United States, targeting the World Trade Center in New York City and the Pentagon.