.Expenses represent a reduction in ___. A.assets B.revenue C.liability D.equity 2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at: A.Income Statement B.Assets C.Revenues D.Balance Sheet
.Expenses represent a reduction in ___. A.assets B.revenue C.liability D.equity 2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at: A.Income Statement B.Assets C.Revenues D.Balance Sheet
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.15MCE
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Question
1.Expenses represent a reduction in ___.
A.assets
B.revenue
C.liability
D.equity
2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at:
A.Income Statement
B.Assets
C.Revenues
D.Balance Sheet
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