Fred Jones,the Sole Owner of a Business,withdraws Cash for His

question 239

Multiple Choice

Fred Jones,the sole owner of a business,withdraws cash for his personal use.How does this transaction affect the accounting equation?

• A) The assets, liabilities, and equity remain the same.
• B) The assets decrease and equity decreases.
• C) The assets increase and liabilities decrease.
• D) The assets decrease and equity increases.

---

Definitions:

Conscientiousness

Conscientiousness is a personality trait characterized by organization, dependability, and a strong sense of duty.

Nature And Nurture

A debate concerning the relative importance of an individual's innate qualities versus personal experiences in determining or causing differences in physical and behavioral traits.

Environmental Factors

External elements such as climate, pollution, and social settings that can influence an individual's development and health.

Genetic Factors

Components of an organism's genetic makeup that influence its characteristics, traits, and predispositions to certain conditions or behaviors.