Expenses are the cost of providing goods and services and result in:
A) increased assets or decreased liabilities.
B) decreased assets or increased liabilities.
C) decreases in both assets and liabilities.
D) increases in both assets and liabilities.
Correct Answer:
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Q47: The income statement is important because it:
A)
Q48: The income statement reports:
A) revenues, expenses, and
Q49: Asset, liability, and owner's equity accounts are:
A)
Q50: A revenue account is referred to as
Q51: A cash account is referred to as
Q53: Revenues come from sales of goods and
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Q55: A business made a $500 credit sale
Q56: A disadvantage of using the perpetual inventory
Q57: Blackstone Company uses a periodic inventory system.
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