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All asset accounts are extended to the Balance Sheet section. * 1 point True False The income statement represents the basic accounting equation. * 1

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All asset accounts are extended to the Balance Sheet section. * 1 point True False The income statement represents the basic accounting equation. * 1 point True False A net income will increase the owner's capital account. * 1.point True False Net income or net loss is the difference between total revenue and total expenses over a specific period of time. 1 point True False

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