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Worked practice questions CA Foundation · Accounting · Accounting Equation — True / False Read exercise and reference answers Questions Statement is true Yes Statement Assets = Liabilities + Capital is the accounting equation. Statement is true No Statement Purchase of stock for cash decreases both assets and capital. Statement is true Yes Statement Drawings by owner reduce capital. Statement is true No Statement Goodwill is a fictitious asset. Statement is true No Statement Capital expenditure is shown in the income statement. Statement is true Yes Statement Accrual basis records income when earned, not when received. Instructions Decide each accounting fundamental: TRUE or FALSE. Open this exercise →
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