The Owner of a Business Withdrew Cash for Personal Use

question 50

Multiple Choice

The owner of a business withdrew cash for personal use. Which of the following accounts will be credited?

• A)Smith, Capital
• B)Smith, Withdrawals
• C)Cash
• D)Accounts Payable

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Definitions:

Fallacy

A mistaken belief, especially one based on unsound argument.

Chicken Casserole

A baked dish composed primarily of chicken, vegetables, a type of starch, and a binding ingredient such as cream or cheese.

Sick

A state of physical or mental ill health.

False Alternative

The fallacy of excluding relevant possibilities without justification.