7 Questions
Which account is used to record the temporary withdrawals of the owner during the period?
Owner's drawings
What is the purpose of the 'Owner's capital' account?
To calculate the residual amount
What is the residual amount calculated by deducting from assets?
Owner's equity
Which type of income represents revenues earned from rendering services?
Service fees
Which type of income represents revenues earned from the sale of goods?
Sales revenues
Which type of income represents revenues earned from the issuance of interest-bearing receivables?
Interest income
Which type of income represents earnings from the sale of assets or enhancements of assets that are not classified as revenues?
Gains income
Test your knowledge on equity and owner's capital with this quiz. Learn about the residual amount after deducting liabilities from assets and how owner's drawings are recorded. Find out how these accounts are closed at the end of the accounting period.
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