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Which financial statements is concerned with the enterprise

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Reference no: EM132739230

Problem 1: Under the perpetual inventory system, the entry to record a purchase return would include a credit to

a. Accounts Payable

b. Cost of Goods Sold.

c. Merchandise Inventory.

d. Purchases Returns and Allowances.

Problem 2: Which of the following financial statements is concerned with the enterprise at a point in time?

a. Statement of Changes in Equity

b. Statement of Cash Flow

c. Statement of Financial Position

d. Profit or Loss Statement

Reference no: EM132739230

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