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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What do we mean when we say that capital, drawing, revenue, and expense accounts are under the umbrella of owner’s equity?

To determine

State the meaning of the statement “capital, drawing, revenue and expense accounts are under the umbrella of owners’ equity”.

Explanation

Owners’ equity: The claims of owners on a company’s resources, after the liabilities are paid off, are referred to as stockholders’ equity. Thus, stockholders’ equity is sometimes referred to as net worth of owners or shareholders or stockholders.

  • • Increase in owners’ equity are stated on the credit side (right) of...

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