Examlex
Which of the following statements about latent trait theory is false?
Withdrawals
Amounts of money taken out from a business by its owners for personal use.
Revenue Accounts
The financial accounts that track the income generated from a company's normal business operations, such as sales or service charges.
Income Summary
The income summary is a temporary account used during the closing process that contains the sums of all revenues and expenses for the period to calculate the net income or loss.
Net Income
The final financial gain of a firm once it has subtracted expenses and taxes from its revenue.
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