An increase in an asset account is a source of funds, whereas an increase in a liability account is a use of funds. An increase in an asset account is a source of funds, whereas an increase in a liability account is a use of funds. True False

An increase in an asset account is a source of funds, whereas an increase in a liability account is a use of funds. An increase in an asset account is a source of funds, whereas an increase in a liability account is a use of funds. True False

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 6TF: Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce...

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An increase in an asset account is a source of funds, whereas an increase in a liability account is a use of funds.

True

False

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