Which sentence is not true? Select one: a. In Partnership, the ownership divided into shares of stock. b. Profit or loss has an effect on the owner's equity. c. Companies usually prepare 4 financial statements. d. Assets are resources for providing future services or benefits.

Which sentence is not true? Select one: a. In Partnership, the ownership divided into shares of stock. b. Profit or loss has an effect on the owner's equity. c. Companies usually prepare 4 financial statements. d. Assets are resources for providing future services or benefits.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 2PB: Each situation below relates to an independent companys Owners Equity. A. Calculate the missing...

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Question

Which sentence is not true?

Select one:

a. In Partnership, the ownership divided into shares of stock.

b. Profit or loss has an effect on the owner's equity.

c. Companies usually prepare 4 financial statements.

d. Assets are resources for providing future services or benefits.

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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