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Select the option below that best completes the sentence. which summarizes the activity of a business during an accounting period, shows whether the business made a profit or took a loss. The Select the single best answer: A Balance Sheet B. Income Statement C. Equity Statement D. Cash Flow Statement >> QUESTION: 3 OF 91 Select the option below that best completes the sentence. Expenditures which result in the acquisition or addition of fixed assets are known as Select the single best answer: A. revenue expenditures B. deferred revenue expenditures C. capital expenditures D. none of the above 3. Based on the accounting equation, what is the effect of a purchase of a fixed asset on credit? Select the single best answer: A. an increase in assets and an increase in liabilities B. an increase in assets and no change in liabilities C. a decrease in assets and an increase in liabilities D. a decrease in assets and a decrease in liabilities OO