The accounting equation may be expressed as assets - liabilities = owner's equity.
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Q2: The terms "profit and loss statement" or
Q3: Recognizing the effects of transactions on assets,liabilities,owner's
Q5: The accounting equation shows the relationship among
Q8: Expenses represent a decrease in liabilities.
Q11: Liabilities represent an "inside" interest in a
Q13: It is not necessary to measure a
Q16: An accounts payable is an unwritten promise
Q17: A business entity is an individual,association,or organization
Q19: Revenues received during an accounting period increase
Q20: Since supplies last for several months,they are
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