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EASY TRUE OR FALSE The profit and loss (P&L) statement is also known as an income statement. True False The balance sheet reports the net

EASY TRUE OR FALSE
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The profit and loss (P&L) statement is also known as an income statement. True False The balance sheet reports the net income or net loss of a business. True False A group of accounts is collectively known as the general ledger. * O True O False Liability is anything that is owed by the business. True O False

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