https://proficientwritershub.com/wp-content/uploads/2020/01/proficentwritershub.png 0 0 Florence https://proficientwritershub.com/wp-content/uploads/2020/01/proficentwritershub.png Florence2022-04-15 14:53:392022-04-15 14:53:392. T/F Financial statements are reports that summarize the financial condition and operations of a business. 3. T/F The accounting equation...
2. T/F Financial statements are reports that summarize the financial condition and operations of a business. 3. T/F The accounting equation is: Assets= Liabilities + Ownerâ€™s Equity. 4. T/F Each fraction changes the balance of only one account 5. T/F Assets taken out of a business for the ownerâ€™s personal use are called withdrawals. 6. T/F The two types of equity are liabilities and ownerâ€™s equity 7. T/F Cash, supplies, and prepaid insurance are liability accounts. 8. T/F The financial rights to the assets of a business are called equities. 9. T/F The terms â€œ Business Entity,â€ â€œ Unit of Measurement, â€œ and â€œ Realization of Revenueâ€ are examples of accounting concepts. 10. T/F A business that perform an activity for a fee is called a service business. 11. T/F The name given to an account is called an account title 12. T/F A normal business activity that changes assets, liabilities, or ownerâ€™s equity is called a transaction. 13. T/F a proprietorship has limited liability
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