True – False Chapter 2 Study Guide For College Accounting
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True or False The net income or net loss for the period is shown in the Assets section of the balance sheet.
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False
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True or False The income or net loss for the period is shown on both the income statement and the statement of owner's equity.
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True
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True or False The collection of cash from accounts receivable increases owner's equity.
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False
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True or False Expenses decrease owner's equity.
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True
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True or False Revenue decreases owner's equity.
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False
