Examlex
Which of the following concepts best describe ecologism?
Owner's Drawings Account
An account used to record withdrawals of assets from a business by the owner for personal use.
Income Summary Account
A temporary account used in accounting to transfer revenues and expenses at the end of an accounting period; its balance is ultimately transferred to retained earnings.
Owner's Capital Account
A line item in a firm's balance sheet that shows the value of the proprietor's invested capital and the accumulated profits retained within the company.
Credited
An accounting entry that increases a liability or equity account, or decreases an asset or expense account.
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