1.Expenses represent a reduction in ___. A.assetsB.revenueC.liabilityD.equity 2.You are presented a financial statement and from it you can tell what the business owed looking at a financial...

1.Expenses represent a reduction in ___. A.assets B.revenue C.liability D.equity 2.You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at: A.Income Statement B.Assets C.Revenues D.Balance Sheet