The entity principle states that the affairs of the owners are not part of the financial
operations of a business entity and should be separated.
Correct Answer:
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Q2: Liabilities are usually listed in order of
Q3: The accounting equation may be stated as
Q4: If a company purchases equipment by issuing
Q5: The purchase of an asset,such as office
Q6: The practice of showing assets on the
Q8: Notes payable and accounts payable both require
Q9: If a company purchases equipment with cash,its
Q10: The collection of an account receivable will
Q11: The balance sheet shows assets,liabilities,and equity,as an
Q12: A transaction that causes an increase in
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