ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Owner's withdrawals increase expenses decrease expenses increase cash decrease owner's equity d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic How does paying a liability in cash affect the accounting equation? assets increase; liabilities decrease assets increase; liabilities increase assets decrease; liabilities decrease liabilities decrease; owner's equity increases c ANSWER: Moderate DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic How does receiving a bill to be paid next month for services received affect the accounting equation? assets decrease; owner's equity decreases assets increase; liabilities increase liabilities increase; owner's equity increases liabilities increase; owner's equity decreases d ANSWER: Moderate DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-04 - 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Owner's withdrawals increase expenses decrease expenses increase cash decrease owner's equity ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic How does paying a liability in cash affect the accounting equation? assets increase; liabilities decrease assets increase; liabilities increase assets decrease; liabilities decrease liabilities decrease; owner's equity increases ANSWER: c DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic How does receiving a bill to be paid next month for services received affect the accounting equation? assets decrease; owner's equity decreases assets increase; liabilities increase liabilities increase; owner's equity increases liabilities increase; owner's equity decreases ANSWER: d DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-04 - 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic