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The accounting equation is Multiple Choice Revenues - Cost of Goods Sold = Gross Margin Debits = Credits Assets = Liabilities + Owners' Equity Having
The accounting equation is
Multiple Choice
Revenues Cost of Goods Sold Gross Margin
Debits Credits
Assets Liabilities Owners' Equity
Having the same number of asset accounts on the balance sheet as the prior year
Recording all expenses incurred in generating the revenues of the period
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