It means that transactions affecting the income statement also affect the owners' equity section of the balance

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It means that transactions affecting the income statement also affect the owners' equity section of the balance sheet as well as the asset and/or liability sections of the balance sheet.

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Accounting What The Numbers Mean

ISBN: 9780073379418

8th Edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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Question Posted: Jun 28, 2024 01:10 AM

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It means that transactions affecting the income statement also affect the owners' equity section of the balance

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Accounting What The Numbers Mean

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