Expenses result in a decrease in assets or an increase in liabilities.
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Q27: The income statement summarises the results of
Q28: Permanent accounts refer to assets, liabilities and
Q29: Generally accepted accounting principles (GAAP) ensure all
Q30: Revenues result in an increase in assets
Q31: Expenses result in increases in assets or
Q33: Revenues result in decreases in assets or
Q34: 'Net sales' are sales less all selling
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