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Question 41 1 point Previous Next Outflows or other using up of assets from delivering or producing goods, rendering services, or carrying out other activities. O A. Assets B. Liabilities O c. Equity OD. Revenues E. Expense OSTIC Examination 46:02 36 Question 42 1 point Previous Nex After closing the revenue and expense accounts, the balance in the Income Summary account equals: O A. Zero B. Net Income O c. Revenues D. Expenses Question 43 1 point Previous Next Accounting is a service activity. Its function is to provide O A. Qualitative Information B. Quantitative Information O c. Quantitative and Qualitative Information OD. None of these Question 44 1 point Previous Next Warren, Inc. neglects to make the required adjusting entry for wages at the end of the accounting period. Which of the following statements reflect the impact of this oversight? A. Salary Expense for the year is overstated, B. Liabilities at the end of the year are understated. O c. Assets at the end of the year are understated. D. Owner's equity at the end of the year is understated Question 45 1 point Previous Next The residual interest in the assets of an entity that remains after deducting liabilities. A. Assets B. Liabilities c. Equity OD. Revenues E. Expense