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ow Time Remaining of 1 - Question 1 of 74 1 Points Net profit is calculated when total income is greater than total expenses. True False Reset Selection Save Jestion 2 of 74 1 Points Assets are described as economic resources that are expected to produce future benefits True False Reset Selection of 1 - question 3 of 74 1 Points Land, buildings and equipment are examples of expenses incurred by an entity True False Reset Selection a Question 4 of 74 1 Points Assets include cash, land, equipment, buildings, debtors control and other resources owned and controlled by the business. True False Reset Selection Question 5 of 74 1 Points When the owner withdraws money from the entity, the bank account will decrease and the drawings account will decrease. True False nation Question 6 of 74 1 Points The totals for the net profit, additional capital contribution and drawings are found on the state changes in equity. True False Question 7 of 74 1 Points The financial position of a business is shown on the statement of profit or loss and other comprehens Income True False Reset Selection Question 8 of 74 1 Points The financial statement that shows the results of a business's operations over a specific time period is called the statement of financial position True False Res Sello Question 9 of 74 1 Points Every business transaction that occurs has an effect on one or more of the elements of the accounting equation True False Question 10 of 74 1 Points The carrying amount of an asset is equal to the market value of the asset True False