Question: 1. What does the term owner's equity mean with respect to the business overall? 2. If a business is owned by three partners, how many

1. What does the term "owner's equity" mean with respect to the business overall?

2. If a business is owned by three partners, how many capital accounts are required on the books?Why?

3.What is the purpose of the drawings account?

4.If a business is owned by three partners, how many drawings accounts are required on the books?Why?

5.How is the equity value of a business calculated considering only the accounts in the owner's equity section of the trial balance?

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