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  1. business
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  3. which of the following statements is not correct?

Which of the following statements is not correct? a. Equity is defined as 'the residual...

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Accounting

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Which of the following statements is not correct? a. Equity is defined as 'the residual interest in the assets of the entity after deducting all its expenses'. b. Equity is increased by profit and owner contributions. c. Equity is decreased by an entity's expenses. d. Equity is to be shown as a separate line item in the statement of financial position. a. Equity is defined as 'the residual interest in the assets of the entity after deducting all its expenses'. b. Equity is increased by profit and owner contributions. c. Equity is decreased by an entity's expenses. d. Equity is to be shown as a separate line item in the statement of financial position

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