Financial Reporting and Analysis Jan23 Y1 S2 Which of the following statements is true? O A. Operating expenses are not directly associated with specific goods and services. O B. The total claims of the owners plus the claims of the creditors equal the net assets of the entity. O C. Expenses result from the depletion of liabilities. O D. Drawings refer to the portion of the profit earned that has been taken by the owner for business use.

Financial Reporting and Analysis Jan23 Y1 S2 Which of the following statements is true? A. Operating expenses are not directly associated with specific goods and services. B. The total claims of the owners plus the claims of the creditors equal the net assets of the entity. C. Expenses result from the depletion of liabilities. D. Drawings refer to the portion of the profit earned that has been taken by the owner for business use