The payment of a liability decreases both assets and liabilitiesGroup of answer choicesTrueFalse

The cash payment of a liability: Group of answer choices decreases assets and equity. increases assets and decreases liabilities. decreases assets and increases liabilities. decreases assets and liabilities.

A liability can be paid with another form of liabilityGroup of answer choicesTrueFalse

Accrual of expenses will increase the expense element and will correspondingly increase the liabilityGroup of answer choicesTrueFalse

When a liability is paid, which of the following is true? Group of answer choices 1.Total assets decrease by the same amount that total liabilities increase. 2.Total assets and total liabilities are unchanged. 3.Total assets and total owners' equity decreases. 4.Net assets remain unchanged.

If services are provided for credit, then: Group of answer choices assets will decrease. liabilities will increase. equity will increase. liabilities will decrease.