If liabilities increase by £3,000 during a given period and owner's equity decreases by £1,000 during the same period, the assets must have: Select one: O a. Decreased by £2,000 o b. Increased by £3,000 O c. Increased by £2,000 o d. Decreased by £3,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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If liabilities increase by £3,000 during a given period and owner's equity
decreases by £1,000 during the same period, the assets must have:
Select one:
O a. Decreased by £2,000
o b. Increased by £3,000
O c. Increased by £2,000
o d. Decreased by £3,000
Transcribed Image Text:If liabilities increase by £3,000 during a given period and owner's equity decreases by £1,000 during the same period, the assets must have: Select one: O a. Decreased by £2,000 o b. Increased by £3,000 O c. Increased by £2,000 o d. Decreased by £3,000
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