Statement 1: Dividends paid are deducted from net increase in net assets to arrive at the net income. Statement 2: Cashbook is the major record maintained in a single entry system. A. Both statements are true. B. Both statements are false. C. Only statement 1 is true. D. Only statement 2 is true.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 1MC: Which of these statements is not one of the financial statements? A. income statement B. balance...
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Statement 1: Dividends paid are deducted from net increase in net assets
to arrive at the net income. Statement 2: Cashbook is the major record
maintained in a single entry system.

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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