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A company can report a net income and negative cash flows from operations both at the same time. True or False?   1 (b) . Which of these accounts can be found in the post-closing trial balance? choices - Assets, liabilities, owner’s capital and their corresponding contra accounts - Income and expenses - Assets, liabilities, owner’s capital, and owner’s drawings - Assets and liabilities

A company can report a net income and negative cash flows from operations both at the same time. True or False?   1 (b) . Which of these accounts can be found in the post-closing trial balance? choices - Assets, liabilities, owner’s capital and their corresponding contra accounts - Income and expenses - Assets, liabilities, owner’s capital, and owner’s drawings - Assets and liabilities

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 12MCQ: Which of the following sentences regarding the statement of cash flows is false? The statement of...
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Answer both parts otherwise I will give down vote

1(a). A company can report a net income and negative cash flows from operations both at the same time. True or False?

 

1 (b) . Which of these accounts can be found in the post-closing trial balance?

choices

- Assets, liabilities, owner’s capital and their corresponding contra accounts

- Income and expenses

- Assets, liabilities, owner’s capital, and owner’s drawings

- Assets and liabilities

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