Examlex
_______________ is software used to support and enhance communication, coordination, and collaboration among networked teams and workgroups. It generally includes software tools for electronic communications, electronic conferencing, and cooperative work management.
Drawing Account
An account used to record withdrawals made by an owner from the business for personal use.
Owner's Capital Account
An equity account that represents the owner's invested capital plus any retained earnings or minus any withdrawals.
First Closing Entry
The first journal entry in the closing process that transfers revenue and the expense account balances to the owner’s capital account as either a net income or a net loss.
Owner's Equity
The residual interest in the assets of a business after all liabilities are deducted, essentially the owner's share of the company's net assets.
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