Profits or losses are recorded in a share capital account. O TRUE O FALSE The main differences between profit reported by a proprietorship and a corporation are income tax expense and salaries paid to owners. O TRUE O FALSE

Profits or losses are recorded in a share capital account. O TRUE O FALSE The main differences between profit reported by a proprietorship and a corporation are income tax expense and salaries paid to owners. O TRUE O FALSE

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Profits or losses are recorded in a share capital account.
O TRUE
O FALSE
The main differences between profit reported by a proprietorship and a
corporation are income tax expense and salaries paid to owners.
O TRUE
O FALSE

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