What Would Be the Effect on Accounts If the Owner

question 157

Multiple Choice

What would be the effect on accounts if the owner withdrew cash?

• A) An asset would be debited and an expense credited.
• B) Withdrawals would be debited and an asset credited.
• C) An asset would be debited and a revenue credited.
• D) An asset would be debited and Capital credited.

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Definitions:

Latent Functions

The unrecognized or unintended consequences of any social pattern, which may contribute to the functioning of a social system.

Marriage Ceremony

A formal event or ritual in which two individuals are united in marriage, characterized by cultural and religious practices.

Instrumental Role

The practical, task-oriented role typically associated with providing the family's material needs, often traditionally ascribed to men.

Providing Food

Providing food involves supplying or making food available to individuals, often essential for survival and health.