Urbanization Is the Process by Which Societies Are Transformed from Dependence

question 119

True/False

Urbanization is the process by which societies are transformed from dependence on agriculture and handmade products to an emphasis on manufacturing and related industries.

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Definitions:

Credits

Entries that decrease assets or increase liabilities and equity on a company's balance sheet, reflecting the accounting principle of double-entry bookkeeping.

Ending Owner's Equity

Ending Owner's Equity represents the final amount of owner's equity in a business at the conclusion of an accounting period, after accounting for all additions and deductions.

Withdrawals

Withdrawals typically refer to amounts of money taken out from a bank account, but in business, it can also mean money taken out by the owner for personal use, reducing the capital account.

Net Income

The total revenue minus total expenses, indicating the company’s profit or loss over a specific accounting period.