Examlex
When a test was described as measuring "problem-solving skills," African American students did just as well as white students. But when told that the same test measured "intellectual ability," African American students scored lower than white students. This example illustrates:
Credit Column
is a section in financial statements or ledgers where increases in liability, equity, and revenue accounts or decreases in asset and expense accounts are recorded.
Drawing Account
An account that tracks amounts withdrawn from a business by its owners for personal use, which reduces the owner's equity.
Capital Account
An account on a nation's balance of payments that records all transactions related to asset changes, including investments and loans.
Liabilities
Financial obligations or debts owed by a business to outsiders, which are required to be settled in the future.
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