Friends-With-Benefits

question 20

Multiple Choice

Friends-with-benefits

• A) is the same as hooking up.
• B) is experienced by about 20% of undergraduates.
• C) refers to people who are romantic and looking for a more lasting relationship.
• D) refers to friends who engage in sex,but don't label their relationship as romantic.

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Definitions:

Owner's Drawings

Withdrawals of a company's earnings by the owner for personal use, affecting the owner’s equity account in a separately held business.

Accumulated Depreciation

This accounts for the total depreciation expenses charged against a fixed asset since it was put into use, reflecting the decrease in value of the asset.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, determining the net income or loss.

Owner's Drawings

Withdrawals made by the owner of a business from the company's funds for personal use.