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True or False. 1. The functional presentation of expenses in the income statement is usually shown by grouping into two separate categories the selling and administrative expenses. 2. If a business receives P 10,000 on account from a client who owed money for services previously billed, this will result a decrease in total assets and increase in total liabilities. 3. Accounting being an information system follows basic accounting concepts or principles also known as the International Accounting Standards

True or False. 1. The functional presentation of expenses in the income statement is usually shown by grouping into two separate categories the selling and administrative expenses. 2. If a business receives P 10,000 on account from a client who owed money for services previously billed, this will result a decrease in total assets and increase in total liabilities. 3. Accounting being an information system follows basic accounting concepts or principles also known as the International Accounting Standards

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...
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True or False.

1. The functional presentation of expenses in the income statement is usually shown by grouping into two separate categories the selling and administrative expenses.

2. If a business receives P 10,000 on account from a client who owed money for services previously billed, this will result a decrease in total assets and increase in total liabilities.

3. Accounting being an information system follows basic accounting concepts or principles also known as the International Accounting Standards.

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