In Your Own Words, Explain the Statement "Meanings Rest More

question 48

Essay

In your own words, explain the statement "meanings rest more in people than in words." Cite examples from your own experience.

---

Definitions:

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.

Income Summary

An account used in the closing process that summarizes revenues and expenses to determine the net income or loss for a period.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left-hand side.