Which Accounts Are Affected When the Owner Withdraws Cash from the Business

question 105

Multiple Choice

Which accounts are affected when the owner withdraws cash from the business?

• A) Assets and Withdrawals
• B) Liabilities and Capital
• C) Assets and Liabilities
• D) None of the above is correct.

---

Definitions:

Self-Governing Body

An organization or entity that has the authority to make its own rules and govern itself without external control.

Necessary Legal Information

Critical legal details or knowledge required to understand rights, obligations, or the legal process.

Legal Advice

Guidance provided by a qualified legal professional regarding the law or legal matters.

Legal Decisions

Outcomes of judicial proceedings that set precedents and guide the application of law in similar future cases.