Equity and Owner's Capital Quiz
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Questions and Answers

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?

  • 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?

  • Owner's capital
  • Owner's equity (correct)
  • Owner's drawings
  • Liabilities

    • Which type of income represents revenues earned from rendering services?

    <p>Service fees</p> Signup and view all the answers

    Which type of income represents revenues earned from the sale of goods?

    <p>Sales revenues</p> Signup and view all the answers

    Which type of income represents revenues earned from the issuance of interest-bearing receivables?

    <p>Interest income</p> Signup and view all the answers

    Which type of income represents earnings from the sale of assets or enhancements of assets that are not classified as revenues?

    <p>Gains income</p> Signup and view all the answers

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