Identify the Account Used by Businesses to Record the Transfer

question 140

Multiple Choice

Identify the account used by businesses to record the transfer of assets from a business to its owner for personal use:

• A) The owner's withdrawals account.
• B) The owner's capital account.
• C) A revenue account.
• D) An expense account.
• E) A liability account.

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Definitions:

Geofencing

A location-based service that triggers an action when a mobile device enters or exits a predefined geographical area.

Location-based Technology

Technologies that use the geographic location of a device or user to provide services or data relevant to that location.

Independent Grocers Alliance

A network of independently owned and operated supermarkets around the world, allowing them to compete collectively with larger chains while preserving their unique local offerings.

Voluntary Chain

Groups of independent retailers, sponsored by wholesalers, who band together for increased buying power.