A Withdrawal of Cash for Personal Use by an Owner

question 92

Multiple Choice

A withdrawal of cash for personal use by an owner would:

• A)decrease total assets and decrease owner's equity.
• B)increase owner's equity and increase liabilities.
• C)decrease total assets and increase owner's equity.
• D)increase total assets and decrease owner's equity.

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Definitions:

Casualty Insurance

Insurance that protects a party from accidental injury.

Accidental Injury

Physical harm or damage to a person resulting from an unexpected event or incident.

Case Opener

A tool or device designed to open protective casings, commonly associated with packaging or equipment maintenance.

Privilege

A special right, advantage, or immunity granted to a particular person or group.