Examlex
The smallest part of a substance that has the physical and chemical properties of that substance is called a(n) _____.
Temporary Accounts
Accounts that track transactions within a fiscal period and are reset to zero at the start of the next period, including revenues, expenses, and dividends.
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.
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