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4. Which of these best describes an income statement? O a) A listing of Assets, Liabilities and Owner's Equity b) A statement of assets O

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4. Which of these best describes an income statement? O a) A listing of Assets, Liabilities and Owner's Equity b) A statement of assets O c) A record of closing entries d) A calculation of net profit Other: 3. Net profit is calculated in the a) Trading account Ob) Profit and Loss account Oc) Trial Balance d) Balance Sheet Other

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