What Would Be the Effect on the Accounts If the Owner

question 22

Multiple Choice

What would be the effect on the accounts if the owner withdrew cash?

• A)An asset would be credited and an expense credited.
• B)Withdrawals would be debited and an asset credited.
• C)An asset would be debited and a revenue credited.
• D)An expense would be debited and Capital credited.

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Definitions:

Universally Applicable

Refers to principles, rules, or criteria that are relevant and can be applied in every situation, without exceptions.

Special Benefits

Privileges or advantages provided to individuals or groups under specific conditions or circumstances.

Cognitive Dissonance

A psychological discomfort experienced when holding two or more conflicting beliefs, ideas, or values.

Festinger And Carlsmith

Festinger and Carlsmith refer to the researchers involved in a classic 1959 psychological experiment demonstrating cognitive dissonance, where individuals experienced discomfort resulting from holding conflicting beliefs.