All cultures have punishments that are administered when cultural norms are violated

Mark paid $500 cash to partially reduce the amount owed for equipment that was previously bought on account. This transaction would:

A) increase both assets and liabilities. B) increase assets and decrease liabilities. C) decrease both assets and liabilities. D) decrease assets and increase liabilities.

The relevance of accounting information means that the information has a direct bearing on a decision

Indicate whether the statement is true or false