If the Property Used in a Business Has Physical Substance

question 29

Short Answer

If the property used in a business has physical substance and is not real estate it is-----------property.

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Definitions:

Credit Side

The section of an account where increases in liabilities, income, and equity are recorded, as opposed to the debit side, which records increases in assets and expenses.

Normal Credit Balance

The usual balance side of an account that increases its value, typically used for liabilities, revenues, and equity accounts.

Withdrawals

Money taken out from a business by its owner(s) for personal use, reducing the owner's equity in the business.

Assets

Economic resources owned by a business or individual that are expected to benefit future operations.