Interest received on investments would be included in the operating activities category on the statement of cash flows

Indicate whether the statement is true or false


True

Business

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Operating activities involve the acquiring and selling of goods and services for cash or on account

a. True b. False Indicate whether the statement is true or false

Business

________ attributes are characteristics, the quality of which can be assessed before purchase

A) Search B) Experience C) Credence D) Solution

Business

The processing stage of accounting is accomplished by the recording of data

Indicate whether the statement is true or false

Business

Which of the following is not true about closing entries?

A) There are four closing entries that update the owner's equity account. B) After the second closing entry, the income summary account is equal to the net income or (loss) for the period. C) All real accounts are closed at the end of the period. D) By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information correctly.

Business