31) The amount of net income or net loss is needed to complete the statement of owner's equity.

Group of answer choices

True

False

32) Withdrawals by the owner are reported on the income statement.

Group of answer choices

True

False

33) The income statement is also known as the profit and loss statement.

Group of answer choices

True

False

34) Increases in assets and expenses are both recorded with debits.

Group of answer choices

True

False

35) On a typical chart of accounts, the accounts are arranged in the same order as they appear in the financial statements.

Group of answer choices

True

False