Espoused Values Represent the Values That You and Your Spouse

question 183

True/False

Espoused values represent the values that you and your spouse have in common.

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Definitions:

Owner's Capital

The amount of money and other assets invested in a business by its owner or owners.

Owner's Drawings

The withdrawal of business assets by the owner for personal use.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the new accounting period.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired, representing the wear and tear over time.