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Which of the following is FALSE?
Adjusting Entries
Financial entries drafted at the end of an accounting timeframe to accurately assign income and expenses to the period they were incurred.
Owner's Equity
This represents the owner's claims on the assets of the business, calculated as the difference between the total assets and total liabilities of the business.
Corporation
A legal entity separate from its owners, with rights to own assets, incur liabilities, and sell stock, subject to corporate taxes.
Closing Entries
At the close of an accounting period, records are made to move balances from interim accounts to enduring accounts.
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