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3. The capital introduced by the owner will be treated as; Group of answer choices Liability Contra-Asset Asset Long-term investment

3. The capital introduced by the owner will be treated as; Group of answer choices Liability Contra-Asset Asset Long-term investment

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. The capital introduced by the owner will be treated as;

  • Group of answer choices
  • Liability
  • Contra-Asset
  • Asset
Long-term investment
 
 
 

4. For every debit (Dr) there has to be an equal and corresponding credit (Cr), this is the rule of;

  • Group of answer choices
  • Cash flow statement
  • Balance sheet
  • Income statement
  • Double entry system
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