Revenues result in decreases in assets or increases in liabilities.
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Q28: Permanent accounts refer to assets, liabilities and
Q29: Generally accepted accounting principles (GAAP) ensure all
Q30: Revenues result in an increase in assets
Q31: Expenses result in increases in assets or
Q32: Expenses result in a decrease in assets
Q34: 'Net sales' are sales less all selling
Q35: Cost of goods sold is the cost
Q36: The cost of goods sold is the
Q37: A business using a perpetual inventory system
Q38: A periodic inventory system requires a physical
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