hich of the following is FALSE regarding the financial statements? Depreciation expense, which is reported on the income statement, is a non-cash expense. Net income, as reported on the income statement, is the same thing as profit. The income statement reports the company's income an expenses over a period of time. ) Long term debt is an asset on the balance sheet. The balance sheet shows the company's assets, liabilities, and net worth at a point in time.

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