Revenues, expenses and withdrawal would not appear on an.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Revenues, expenses and withdrawal would not appear on an.
Expert Solution
Step 1
Revenues are the income earned by the entity. These are reported in the income statement.
Expenses are the outlays incurred for day to day business operations. These are also shown in the income statement.
Withdrawals means drawings. It is the money withdrawn by the owner for personal use.
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