The increase in assets or decrease in liabilities

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Accounting Using Excel for Success
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Chapter 4 / Exercise 4-2
Accounting Using Excel for Success
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_______________________________: the increase in assets or decrease in liabilities resulting from the sale of goods or the performance of services in the normal course of business_______________________________: the cost of assets consumed or services used in the process of generating revenuesASSETSLIABILITIESSTOCKHOLDERSREVENUESEXPENSES3
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Accounting Using Excel for Success
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Chapter 4 / Exercise 4-2
Accounting Using Excel for Success
Reeve/Warren
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EQUITYAdministrative expense, depreciation expense, Service revenue, sales revenue, Common stock, Income taxes payable, bonds payable, Accounts payable, Cash Accounts Receivable, Allowance for Doubtful Accounts, unearned service revenue, Interest Receivable, Inventory Supplies,  dividends, insurance expense, Prepaid Insurance, mortgage payable, salaries and wages payable, Prepaid Rent, Land, Equipment, Accumulated Depreciation— Equipment, Buildings, rent expense, Accumulated Depreciation— Buildings,  Copyright, Goodwill, Patent, notes payable, dividends payable, preferred stock, retained earnings,  interest revenue, cost of goods sold, maintenance and repair expense, utilities expense, salaries and wages expenseCHAPTER 34
DATEACCOUNTDEBITCREDITMultiple Choice practice problems mixed together from the threechapters5
1. The Sarbanes-Oxley Act determines:
2. A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported?

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