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Which of the following is not a correct statement about financial statements? A Revenue refers to increases in a firms assets resulting from the sale
Which of the following is not a correct statement about financial statements?
A Revenue refers to increases in a firms assets resulting from the sale of stocks, or
other activities intended to earn income.
B Expenses are resources used up as the result of business operations.
C Accrual-basis accounting recognizes revenue when it is earned and matches
expenses to the revenues they helped produce.
D Main sources of a firms income are sales revenue and investment income.
E Main sources of expenses are cost of goods sold (CGS) and operating expenses.
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