Since insurance lasts for several months,it is recorded as owner's equity.
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Q10: The accounting equation may be expressed as
Q11: Liabilities represent an "inside" interest in a
Q12: The income statement provides information about events
Q13: It is not necessary to measure a
Q14: If owner's equity and liabilities increased during
Q16: An accounts payable is an unwritten promise
Q17: A business entity is an individual,association,or organization
Q18: According to the business entity concept,a proprietor
Q19: Revenues received during an accounting period increase
Q20: Since supplies last for several months,they are
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