The Account Sometimes Referred to as the Owner's Personal Account

question 66

Multiple Choice

The account sometimes referred to as the owner's personal account or drawing account is called a(n) :

• A)Revenue account.
• B)Withdrawals account.
• C)Expense account.
• D)Liability account.
• E)Capital account.

---

Definitions:

Variable Costs

Expenses that change in proportion to the level of production or sales activity, such as materials and direct labor.

Perishable Seats

Refers to seats in service industries (like airlines or event management) that cannot be sold after a certain time, leading to potential revenue loss.

Yield Management

A variable pricing strategy based on understanding, anticipating, and influencing consumer behavior to maximize revenue or profits, especially in airline and hotel industries.

Aggregate Planning

A process in operations management aimed at determining optimal production levels, inventory levels, and workforce levels, to meet predicted demand over a medium-term horizon.