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Andreyy89
3 years ago
5

The statement of owner's equity: Multiple Choice

Business
1 answer:
QveST [7]3 years ago
5 0

Answer:

E. Reports how equity changes over a period of time.

Explanation:

Statement of owner's equity as the name suggests is the statement which describes the changes in owner's equity, as it is obvious that the change cannot occur at a point of time, it will occur over a period of time.

And therefore, the statement is prepared over a period generally for a fiscal year, or a financial year.

There is no statement prepared to show any change in owner's equity at a point.

Statement reporting cash flows is called cash flow statement.

Therefore, correct option is:

Statement E

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For February, sales revenue is $900,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising e
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