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Problem 1: Which of the items below is not a business entity?
Select one:
a. proprietorship
b. partnership
c. corporation
d. entrepreneurship
Problem 2: Which of the following is not an asset?
a. inventory
b. investments
c. cash
d. owner's equity
Problem 3: Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared?
a. OE, I, B
b. B,OE, I
c. B, I, OE
d. I,OE, B
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