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Which of the following describes the proper form of a balance sheet? 1) A subtotal for total assets plus total liabilities is shown. 2) Liabilities
Which of the following describes the proper form of a balance sheet?
1) A subtotal for total assets plus total liabilities is shown.
2) Liabilities are listed before owners' equity.
3) Owners equity is always the first section listed because it is the most important to external users.
4) Cash is always the first asset listed, followed by permanent assets (such as land and buildings), and finally by assets such as receivables and supplies.
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