Which of the following statements is not correct? a. Equity represents the owners' claims on the assets
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Question:
Which of the following statements is not correct?
a. | Equity represents the owners' claims on the assets after deducting all liabilities. | |
b. | Expenses represent decreases in economic benefits. | |
c. | Assets are resources controlled by the company. | |
d. | Income decreases equity. |
Related Book For
Statistics for Business and Economics
ISBN: 978-0134506593
13th edition
Authors: James T. McClave, P. George Benson, Terry Sincich
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