The Resource Category Called "Land" Includes Forests, Animals, and Water

question 10

True/False

The resource category called "land" includes forests, animals, and water resources.

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Definitions:

Withdrawals

Withdrawals refer to the act of taking money out of a bank account, but in a business context, it often refers to the owner taking funds out of the business for personal use.

Income Summary

An account used in the closing process in accounting to gather all revenues and expenses for a period before transferring the net result to the capital account.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenue.

Expenses Closed

The process at the end of an accounting period where expense accounts are closed and their balances transferred to a summary account.