According to Rosenberg (2004),the U

question 18

Multiple Choice

According to Rosenberg (2004) ,the U.S.economy between the Civil War and World War II was relatively poor in which of its productive resources?

• A) Land
• B) Labor
• C) Capital
• D) Entrepreneurial talent

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Definitions:

Drawing

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

Drawing Accounts

Personal accounts of the owners or partners in a business representing withdrawals of the business's assets for personal use.

Revenue Accounts

are ledger accounts that track the income earned by a company from its normal business operations, which is then reported on the income statement.

Expense Accounts

Accounts used in accounting to record all expenses transactions made by a business.