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Question

Which of the following statements is INCORRECT?

A Current assets or liabilities are realized/settled within 12 months.

B Withdrawal of money and or goods by the owner from the business for personal use is known as drawings.

C Creditors are persons and or other entities who owe to an enterprise an amount for buying goods and services on credit.

D Costs incurred by a business in the process of earning revenue are known as expenses.

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