Examlex
____ is when new information is altered to fit an existing scheme,whereas ____ is when a scheme is changed to adapt to new information.
Owner Withdraws
Transactions where business owners take funds or assets out of the business for personal use, also known as drawings.
Personal Use
Utilization of a company or business asset for individual, non-business related activities or benefits.
Drawings
Withdrawals of cash or other assets from a privately-owned business by the owner(s) for personal use.
Liabilities
Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.
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