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Question(s) / Instruction(s):

     24.     State whether each of the following statements is true or false. Explain the true statements and discuss why the false statements are false. Use illustrations in your answer.
          a.     An asset cannot be created by incurring a liability.
          b.     One thing the accounting equation says is that assets are equal to the sources of the assets.
          c.     If a transaction causes an asset to increase, another asset cannot simultaneously decrease.

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