____________ Are Specific Types of Concepts That Exist at Higher

question 20

Multiple Choice

____________ are specific types of concepts that exist at higher levels of abstraction than do everyday concepts.

• A)Abstract Concepts
• B)Constructs
• C)Intuitive Constructs
• D)None of these

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Definitions:

Credit

Credit refers to the trust which allows one party to provide resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources at a later date.

Owner Withdrew

A transaction where the business owner takes out funds from the business for personal use, often recorded as a reduction in owner's equity.

Cash

Physical money such as coins and banknotes, or a resource in bank accounts that is available for immediate withdrawal and use for payments.

Withdrawals

Money or other assets taken out of a business by its owner(s) for personal use.