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Questions and Answers
Which account is used to record the temporary withdrawals of the owner during the period?
Which account is used to record the temporary withdrawals of the owner during the period?
- Liabilities
- Owner's equity
- Owner's capital
- Owner's drawings (correct)
What is the purpose of the 'Owner's capital' account?
What is the purpose of the 'Owner's capital' account?
- To close the 'Owner's drawings' account
- To calculate the residual amount (correct)
- To deduct liabilities from assets
- To record temporary withdrawals
What is the residual amount calculated by deducting from assets?
What is the residual amount calculated by deducting from assets?
- Owner's capital
- Owner's equity (correct)
- Owner's drawings
- Liabilities
Which type of income represents revenues earned from rendering services?
Which type of income represents revenues earned from rendering services?
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Which type of income represents revenues earned from the sale of goods?
Which type of income represents revenues earned from the sale of goods?
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Which type of income represents revenues earned from the issuance of interest-bearing receivables?
Which type of income represents revenues earned from the issuance of interest-bearing receivables?
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Which type of income represents earnings from the sale of assets or enhancements of assets that are not classified as revenues?
Which type of income represents earnings from the sale of assets or enhancements of assets that are not classified as revenues?
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