To Close the Withdrawals Account

question 112

Multiple Choice

To close the Withdrawals account,

• A) debit Withdrawals; credit Capital.
• B) debit Capital; credit Withdrawals.
• C) debit Withdrawals; credit Income Summary.
• D) debit Income Summary; credit Withdrawals.

Comprehend the role of deposits in bank statements and their impact on financial records.

Explain the methodology of recording purchases and the implications of cash discounts.

Interpret the liquidity of a company's accounts receivable and its importance.

Describe the electronic means of cash transfer and its relevance in financial operations.

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Definitions:

Performance Evaluation System

A structured process used by organizations to assess and review an employee's job performance and productivity.

Instrumentality

In the context of motivation, it refers to the perceived relationship between performance and the attainment of desired outcomes.

Expectancy

The belief or anticipation about the likelihood of achieving a desired result or outcome.

Proximal Goals

Short-term, achievable objectives set as steps towards a larger goal, helping to maintain motivation and focus.