Which of the Following Would Increase Assets and Increase Liabilities

question 13

Multiple Choice

Which of the following would increase assets and increase liabilities?

• A)Provide services to customers on account.
• B)Purchase office supplies on account.
• C)Pay dividends to stockholders.

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Definitions:

Disclosure in Notes

Providing additional information and context to items in the financial statements within the notes section, aiding in transparency and understanding.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board for global use.

U.S.GAAP

Refers to the Generally Accepted Accounting Principles in the United States, which are a set of rules and standards used for accounting and financial reporting.

Revenue Recognition

Accounting principle determining when and how revenue is recognized and recorded, ensuring it reflects the actual earnings process.