In recording an accounting transaction in a double-entry system()
A. the number of debit accounts must equal the number of credit accounts
B. there must always be entries made on both sides of the accounting equation
C. the amount of the debits must equal the amount of the credits
D. there must only be two accounts affected by any transaction
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All of the financial statements are for a period of time except the()
A. income statement
B. statement of owner’s equity
C. balance sheet
D. statement of cash flows
The balance sheet is frequently referred to as()
A. an operating statement
B. the statement of financial position
C. the statement of cash flows
D. the statement of owner’s equity
A net loss will result during a time period when()
A. liabilities exceed assets
B. drawings exceed investments
C. expenses exceed revenues
D. revenues exceed expenses
Revenues would not result from()
A. sale of merchandise
B. initial investment of cash by owner
C. performance of services
D. rental of property