Practice Quiz

Veterinary Practice Manager

Category - CVPM

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If a veterinary hospital’s total assets increased by $20,000 and total liabilities increased by $12,000 during the same period, what would be the amount of change in the owners’ equity?
  1. $32,000 decrease
  2. $8,000 increase
  3. $32,000 increase
  4. $8,000 decrease
Explanation
Answer: B- If a veterinary hospitals total assets increased by $20,000 and total liabilities increased by $12,000 during the same period, the amount of change in the owners’ equity would be an $8,000 increase. Subtract the increase in liability form the increase in assets for a result of $8000.00
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