On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.

On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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