Answer the following statements true (T) or false (F)
1. Owner financing refers to resources contributed by creditors or lenders.
2. Revenues are increases in equity (via net income) from a company's sales of products and services to customers.
3. A net loss occurs when revenues exceed expenses.
4. Net income occurs when revenues exceed expenses.
5. Liabilities are owner claims on assets.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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Indicate whether the statement is true or false
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