When the company uses the single step of income statement the other revenuewill deduct from the net operating incomeTrueO False The adjusting entry of unearned service revenue will decrease the liabilitiesTrueFalse

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When the company uses the single step of income statement the other revenue will deduct from the net operating income True O False

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 17Q: Sometimes financial statements contain errors. What type of liabilities may need correction as a...

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Question

When the company uses the single step of income statement the other revenue
will deduct from the net operating income
True
O False

The adjusting entry of unearned service revenue will decrease the liabilities
True
False

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