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Which of the following describes the effects of a claims exchange transaction on a company's financial statements? Assets = Liab. + Equity Rev. - Exp.
Which of the following describes the effects of a claims exchange transaction on a company's financial statements?
| Assets | = | Liab. | + | Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flow | |
| A. | NA | = | NA | + | NA | NA | - | NA | = | NA | +OA |
| B. | + | = | + | + | NA | NA | - | NA | = | NA | +OA |
| C. | NA | = | + | + | - | NA | - | + | = | - | NA |
| D. | All of these could represent the effects of a claims exchange transaction. | ||||||||||
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Guide To The Study Of Auditing 1914
Authors: Samuel F. Racine
1st Edition
0266614493, 978-0266614494
