The Account Used to Record the Transfers of Assets from a Business

question 79

Multiple Choice

The account used to record the transfers of assets from a business to its stockholders is:

• A)A revenue account
• B)The dividends account
• C)Common stock account
• D)An expense account
• E)A liability account

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Definitions:

Cash Compensation

Refers to money paid to employees for their work, including wages, salaries, bonuses, and commissions.

Tax Breaks

Financial incentives or reductions in tax payments provided to individuals or businesses by the government.

Creative Benefits

Innovative and non-traditional employee perks designed to improve satisfaction and loyalty, such as flexible working hours or wellness programs.

Retirement Plan

A financial arrangement designed to replace employment income upon retirement, often including contributions from both employer and employee.