Which one of the following is not correct about basic accounting equation?

Assume the revenue of XY company during period is birr 45,000 and its Expense is birr 37,500.The owner withdrawals are birr 10,000, then what is the amount of net income or net loss of the company?

Cash sales of merchandise are recorded in the:

A plant asset with a cost of 900,000 and accumulated depreciation of $800,000 is sold for $80,000.Whatisthe amount of the gain or loss on disposal of the plant asset?

Which of the following refers to the length of time covered by each payroll payment in the company.

Which Of the following types of allowance, which one is exempted from tax.

Which one of the following is not correct about corporation?

The first steps of liquidation process of partnership is