True False True DO IT LO 5 1 54 Indicate whether each of the following

True false true do it lo 5 1 54 indicate whether each

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True False True > DO IT! LO 5
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1-54 Indicate whether each of the following statements presented below is true or false . 4. Relevance means that financial information matches what really happened; the information is factual. 5. A business owner’s personal expenses must be separated from expenses of the business to comply with accounting’s economic entity assumption. False True > DO IT! LO 5
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1-55 Expense Decrease Classification Classify the following items as issuance of stock, dividends, revenues, or expenses. Then indicate whether each item increases or decreases stockholders’ equity. 1. Rent Expense 2. Service Revenue 3. Dividends 4. Salaries and Wages Expense Effect on Equity Expense Decrease Revenue Increase Dividends Decrease > DO IT! LO 6
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1-56 Financial Statements Net income will result during a time period when: a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses. LO 8 Review Question
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1-57 The financial statement that reports assets, liabilities, and equity is the: a. income statement. b. retained earnings statement. c. statement of financial position. d. statement of cash flows. Financial Statements LO 8 Review Question
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  • Fall '18
  • Mike Leu

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