O b describes a companys revenues and expenses and

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o B. Describes a company's revenues and expenses and computes net income or loss over a period of time. o C. An independent group consisting of individuals from many countries that identify preferred accounting practices. o D. Presumes that the life of a company can be divided into periods for reporting purposes. o E. The concepts and rules that govern financial accounting. o F. A financial statement that reports the changes in equity over the reporting period; including increases such as owner investment and net income and for decreases such as owner withdrawals or net loss. o G. A report that identifies cash receipts and cash payments over a period of time. o H. Prescribes that a company report the details behind financial statements that would impact user decisions. o I. The governmental agency that has the legal authority to establish accounting rules. o J. A report that describes a company's financial position at a point in time. 17. On December 3, the XFL Company paid $1,400 cash in salaries to employees. Prepare the general journal entry to record this transaction.

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