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True or False. 15. Balances of nominal accounts are transferred to the Capital account in the SFP. * 34. Statement of Cash Flows explains the observed difference in the cash balance from the beginning to the end of the period. * 35. The bottom line of the Statement of Cash Flows is equivalent to the cash balance presented on the Statement of Financial Position. *

True or False. 15. Balances of nominal accounts are transferred to the Capital account in the SFP. * 34. Statement of Cash Flows explains the observed difference in the cash balance from the beginning to the end of the period. * 35. The bottom line of the Statement of Cash Flows is equivalent to the cash balance presented on the Statement of Financial Position. *

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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True or False.

15. Balances of nominal accounts are transferred to the Capital account in the SFP. *

34. Statement of Cash Flows explains the observed difference in the cash balance from the beginning to the end of the period. *

35. The bottom line of the Statement of Cash Flows is equivalent to the cash balance presented on the Statement of Financial Position. *

44. The common-size Statement of Comprehensive Income of Company A and Company B shows net income of 10% and 8%, respectively. Company A is more profitable than Company B. *

28. The capital stock account reports the proceeds from the issuance of the stocks. *

39. Vertical analysis compares the balances of one account over different periods.

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