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____ are the prices paid for goods or services used to operate a business.
False
True
True
accounting equation
False
expenses
False
capital account
Closing entries are used to transfer the net income or net loss for the accounting period to the ____.
False
True
True
accounting equation
False
expenses
False
capital account
A net income will increase the owner's capital account.
False
True
True
accounting equation
False
expenses
False
capital account
The income statement represents the basic accounting equation.
False
True
True
accounting equation
False
expenses
False
capital account
The balance sheet is prepared before the statement of changes in owner's equity.
False
True
True
accounting equation
False
expenses
False
capital account
The information on the statement of changes in owner's equity is used in preparing the income statement.
False
True
True
accounting equation
False
expenses
False
capital account
The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period.
False
True
True
accounting equation
False
expenses
False
capital account
Assets = Liabilities + Owner's Equity is called the ____.
False
True
True
accounting equation
False
expenses
False
capital account
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