Question: The statement regarding equity that is true is: a.) It is decreased by profitIt b.)is fixed at the amount initially contributed by the owners c.)

The statement regarding equity that is true is:

a.) It is decreased by profitIt

b.)is fixed at the amount initially contributed by the owners

c.) It is the owners' claim on the net assets of the entity

d.) It arises solely from the retained earnings of the entity

e.) None of the above

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