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Business
College Accounting
Quiz 2: Analyzing Business Transactions
A Business Transaction Is a Financial Event That Affects the Resources
Question 11
True False
A business transaction is a financial event that affects the resources of a business.
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Q 12
If there is an excess of expenses over revenues,the excess represents a profit.
Q 13
A withdrawal of funds by the owner for personal use is considered a business expense.
Q 14
The statement of owner's equity is prepared before the balance sheet so that the ending capital balance is available.
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