There Are Two Kinds of People: Those Who Work Well

question 83

True/False

There are two kinds of people: those who work well as team members and those who lead well.

---

Definitions:

Owner's Drawings

Withdrawals made by the owner from the business for personal use, considered as a reduction in the equity.

Owner's Capital

The amount of money and assets invested in a business by its owner, minus any withdrawals.

Net Income

The residual financial gain of a business following the deduction of every expense, tax, and cost from its total revenue.

Accounting Cycle

The collective process of recording and processing the accounting events of a company, culminating in the production of financial statements within a specific period.