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Indicate whether the statement is true or false

True

Business

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The insurance company does not pay for certain damaged property under an Equipment Breakdown policy. Identify the property.

a. Property of others b. Property of the insured c. Obsolete property d. Building damage caused by a steam boiler explosion

Business

As supplies and PPE assets on the balance sheet are consumed, they are reflected:

A) Assets are never consumed B) As a revenue on the income statement C) As an expense on the income statement D) As common stock on the balance sheet

Business