Current liabilities are cash and other resources that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer. ()
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The Owner's Withdrawals account is a real account that will be carried forward period after period. ()
Each adjusting entry can only affect an income statement account. ()
The accrual basis of accounting recognizes revenues when cash is received from customers. ()
Closing entries are made before the preparation of financial statements. ()