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The most liquid asset is:


A) owners' equity.
B) cash.
C) accounts payable.
D) sales.

E) C) and D)
F) A) and D)

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Which of the following would be found on an income statement?


A) cost of goods sold
B) owners' equity
C) cash flows from investments
D) current assets

E) B) and D)
F) None of the above

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The accounting system happens once a year.

A) True
B) False

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The two major classes of operating expenses are current expenses and long-term expenses.

A) True
B) False

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The Canadian government is a user of accounting information.

A) True
B) False

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