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Financial Forensics · Quiz 1 · 27 Oct 2024 · September 2024 term

Question 15: Inventory was purchased for \$15,900

Question 15

+0.5 marksOne correct option

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions
Based on the above data, answer the given subquestions.

Inventory was purchased for $15,900

  1. A

    Asset Increases, Liability increases

  2. B

    No change in Asset or Liability or Owners equity

  3. C

    Asset decreases, Liability decreases

  4. D

    Asset increases, Liability decreases

Show answer

Correct answer

  • B

    No change in Asset or Liability or Owners equity

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Question 15 of 23 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 27 Oct 2024, in the September 2024 term (IIT M DEGREE AN EXAM QDB2 27 Oct 2024). It carries 0.5 marks.

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