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AC1 - 1 A certain transaction affecting only two accounts...

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1. A certain transaction affecting only two accounts causes a liability to increase by a certain amount. Which one of the following could be another effect of the same transaction? (Points: 1) an asset account is increased by the same amount. another liability account is increased by the same amount. an owner's equity account is increased by the same amount. 2. Which one of the following is a characteristic of the corporate organizational structure? (Points: 1) unlimited liability continuity of existence. inability to transfer of ownership taxability through the owner 3. Who has the primary responsibility for the company's financial statements? (Points: 1) internal auditors external auditors
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