When a revenue is recorded, the asset account cash is always increased along with owner's equity.
Correct Answer:
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Q40: GAAP stands for:
A)generally accepted auditing practices.
B)generally accrued
Q41: All of the following are assets except:
A)land.
B)cash.
C)Accounts
Q42: The accounting equation can be stated as:
A)Assets
Q43: Assets are economic resources of a business
Q44: Liabilities are:
A)insider claims to the business's assets.
B)outsider
Q46: A business paid $8,500 to a creditor.
Q47: Owner's equity is often referred to as
Q48: If owner's equity is $135,000 and total
Q49: Owner's equity and total assets were $32,000
Q50: The accounting equation can be stated as
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