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ment 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time. Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity. a. Both statements are true

ment 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time. Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity. a. Both statements are true

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...
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  1. Statement 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time.

Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity.

a. Both statements are true                                  

b. Both statements are false

c. Only statement 1 is true                                  

d. Only statement 2 is true 

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