ACC201

ACC201 Exam Which of the following is not an asset? a. investments b. cash c. inventory d. owner’s equity ANSWER: D   The assets and liabilities of the company are $128,000 and $84,000, respectively. Owner’s equity should equal a. $212,000 b. $44,000 c. $128,000 d. $84,000 ANSWER: B If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in ...