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Acct. 2- vocab.
Chapter 2 Vocabulary
| Question | Answer |
|---|---|
| revenue | an increase in owner's equtiyresulting from the operation of a business |
| sale on account | a sale for which cash will be received at a later date |
| expense | a decrease in owner's equity resulting from the operation of a business |
| withdrawals | assets taken out of a business for the owner's personal use |