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Exam (elaborations)

QuickBooks Chapter 7 Test Latest 2023 Rated A+

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In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to use up or turn into cash within the next year True When the fiscal year ends, you must manually transfer your net income/loss into the Retained Earnings account False The Loan Manager tracks the principle and interest payments without having to set up separate amortization schedules True

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