Question

The use of office supplies purchased on account in the previous month will have what effects on the balance sheet equation? (Select all that apply.)

a)increase assets
b)decrease assets
c)decrease retained earnings
d)decrease liabilities

Answer 1

A noncurrent liability is one that is due in more than one year or an operating cycle, whichever is longer, such as long-term debt or bonds payable. option b is answer

Step-by-step explanation:

A noncurrent liability is a liability that will be satisfied in more than 1 year or operating cycle, whichever is longer, in the future. Noncurrent liabilities, also known as long-term liabilities, are financial obligations of a company that are due beyond one year or the current operating cycle.

Examples of noncurrent liabilities include long-term debt, bonds payable, and long-term leases. option b is answer