Revenues and Gains Increase Both Net Income and Owners' Equity

question 22

True/False

Revenues and gains increase both net income and owners' equity.

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Definitions:

Standards

Established benchmarks or norms that are used for measuring performance or compliance.

Normal Application

In cost accounting, it pertains to the standard method used to allocate overhead costs to products or services.

Reality

The state of things as they actually exist, as opposed to an idealistic or notional idea of them.

Process

A series of actions or steps taken in order to achieve a particular end.