Explain the Shift from Artisan to Factory Worker,and Discuss the Factory

question 60

Essay

Explain the shift from artisan to factory worker,and discuss the factory system.What were the advantages and disadvantages? Who was left out? Who benefited? What were some ways workers responded?

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Definitions:

Credits

Entries that decrease assets or increase liabilities and equity on a company's balance sheet, reflecting the accounting principle of double-entry bookkeeping.

Ending Owner's Equity

Ending Owner's Equity represents the final amount of owner's equity in a business at the conclusion of an accounting period, after accounting for all additions and deductions.

Withdrawals

Withdrawals typically refer to amounts of money taken out from a bank account, but in business, it can also mean money taken out by the owner for personal use, reducing the capital account.

Net Income

The total revenue minus total expenses, indicating the company’s profit or loss over a specific accounting period.