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5. What is the accounting equation? A) Assets Liabilities + Equity = B) Assets Liabilities = Equity = C) Assets Revenue Expenses - D) Liabilities Assets + Equity = 6. Which of the following is NOT a characteristic of managerial accounting? A) Focus on future projections B) Use of historical data C) Internal report

5. What is the accounting equation? A) Assets Liabilities + Equity = B) Assets Liabilities = Equity = C) Assets Revenue Expenses - D) Liabilities Assets + Equity = 6. Which of the following is NOT a characteristic of managerial accounting? A) Focus on future projections B) Use of historical data C) Internal report

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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5. What is the accounting equation? A) Assets Liabilities + Equity = B) Assets Liabilities = Equity = C) Assets Revenue Expenses - D) Liabilities Assets + Equity = 6. Which of the following is NOT a characteristic of managerial accounting? A) Focus on future projections B) Use of historical data C) Internal report
Transcribed Image Text:5. What is the accounting equation? A) Assets Liabilities + Equity = B) Assets Liabilities = Equity = C) Assets Revenue Expenses - D) Liabilities Assets + Equity = 6. Which of the following is NOT a characteristic of managerial accounting? A) Focus on future projections B) Use of historical data C) Internal report
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