Instructions: Identify the Following

question 24

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Freedmen's Bureau

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Definitions:

Owner's Equity

The total value that would accrue to a business's owners after all liabilities are subtracted from all assets; also known as shareholder's equity or net worth.

Liabilities

Economic debts or obligations a company is responsible for, which are to be paid off over time through the exchange of economic advantages.

Owner's Withdrawal

Amounts of cash or other assets that the owner takes from the company for personal use.

Cash Account

An account that records all transactions involving cash inflows and outflows within a company.