Accounts That Affect Owner's Equity Are

question 82

Multiple Choice

Accounts that affect owner's equity are

• A) assets,capital,and revenue.
• B) capital,liabilities,and expenses.
• C) expenses,capital,and revenue.
• D) drawing,assets,and liabilities.

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Definitions:

Patent

A legal grant by a government to an inventor, giving the right to exclude others from making, using, or selling an invention for a certain number of years.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity volume.

Patent

A legal document granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices during a specified period of time.