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ment 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time. Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity. a. Both statements are true

ment 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time. Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity. a. Both statements are true

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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  1. Statement 1: The statement of financial position includes assets, liabilities and stockholders' equity as of a point in time.

Statement 2: The amount of net income for the period is reported both on the income statement and statement of changes in equity.

a. Both statements are true                                  

b. Both statements are false

c. Only statement 1 is true                                  

d. Only statement 2 is true 

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