Total assets plus total liabilities must equal total owners' equity

Accounting Dec 05, 2020

Total assets plus total liabilities must equal total owners' equity. True or False

The statement of cash flows provides a link between two balance sheets by showing how net income (or loss) has changed owners' equity from one balance sheet date to the next. True or False

Expert Solution

FALSE

Total assets minus total liabilities equal total owners' equity.

FALSE

The statement of cash flows provides a link between two balance sheets by showing how cash has changed one balance

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