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Explain the differences between positional power, personal power, and legitimate authority and provide an example of each.
Capital Account
An account showing the net changes in property ownership and transfer of payment among countries for international transactions, or in a company's context, represents the stake of owners in the firm.
Revenue Accounts
Accounts that record the income generated from the sale of goods and services, before any expenses are subtracted.
Income Summary
A temporary account used in the closing process that summarizes a company's revenues and expenses for the accounting period.
Revenue Account(s)
Accounts that track the income generated from the sale of goods or provision of services before any expenses are deducted.
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