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9. Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue. a. True b. False ANSWER: 10. Goods that

9. Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue. a. True b. False ANSWER: 10. Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory. a. True b. False

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