Decreases in equity that represent costs of assets or services used to earn revenues are called:

a. Liabilities.
b. Equity.
c. Withdrawals.
d. Expenses.
e. Owner's Investment.

Ans: d. Expenses.

Business

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If the income statement covered a six month period ending on March 31, 2017, the third line of the income statement heading would read

A. month ended March 31, 2017 B. March 31, 2017 C. six-month period ended March 31, 2017 D. October 1, 2016 through March 31, 2017

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Government officials who are concerned about consumer rights and protection focus on product ________

A) placement and pricing B) labeling and packaging C) litigation time limits D) registration of letters of complaint

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