Net income results in a(n)
A) increase in owner's equity.
B) increase in revenues.
C) decrease in expenses.
D) increase in assets.
Correct Answer:
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Q54: An adjusted trial balance proves the balance
Q55: Which of the following transactions results in
Q56: When a credit sale takes place,
A)a revenue
Q57: An adjusted trial balance must be prepared
Q58: Major assumptions made in measuring business income
Q60: An adjusted trial balance will probably list
Q61: Net income
A)is accumulated in Owner's Capital.
B)is reported
Q62: When expenses exceed revenues,
A)a liability is created.
B)a
Q63: Which of the following transactions will not
Q64: Retailers often end their fiscal years .
A)during
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