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Rice Acctg Ch1 Set4
Maplewood Rice Acctg Ch 1 Set 4
Question | Answer |
---|---|
Capital | The account used to summarize the owner’s equity in a business. |
Revenue | An increase in owner’s equity resulting from the operation of a business. |
Sale on Account | A sale for which cash will be received at a later date. (charge sale) |
Expense | A decrease in owner’s equity resulting from the operation of a business is called an expense. |
Withdrawals | Assets taken out of a business for the owner’s personal use. |