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Which of the income statement reveals

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Reference no: EM132739283

Problem 1: Which of the following statements best describes the term "financial position"?

a. The net income and expense of an entity

b. The financial assets less financial liabilities of an entity

c. The potential to contribute to the flow of cash and cash equivalents to the entity

d. The assets, liabilities and equity of an entity

Problem 2: The income statement reveals

a. resources and equity at a point in time.

b. resources and equity for a period of time.

c. net earnings at a point in time.

d. net earnings for a period of time.

Reference no: EM132739283

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