John Contributed $6,000 to the Business by Opening a Bank

question 191

True/False

John contributed $6,000 to the business by opening a bank account in the name of the business,United Internists.This transaction results in an increase in the assets of the business.

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Definitions:

Property Rights

Legal rights to use, control, and benefit from owning property, both tangible and intangible.

Economic Signals

Indicators or pieces of data that inform individuals or markets about the health of the economy or trends in economic activity, potentially guiding decision-making.

Efficiency

The extent to which time, effort, or cost is well used for the intended task or purpose.

Equity

Fairness or justice in the way people are treated, or in financial terms, the value of an ownership interest in property, including shareholders' equity in a business.