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

question 215

Multiple Choice

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

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

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Definitions:

Going Out

Engaging in social activities outside of one's home, typically for leisure or entertainment.

Initiative Versus Guilt

This term refers to the third stage of Erik Erikson's theory of psychosocial development, occurring roughly between the ages of three and five, during which children assert themselves more frequently and begin to plan activities, make up games, and initiate activities with others. If this initiative is discouraged, the child begins to feel guilty about their desires and dreams.

Autonomy Versus Shame

A developmental stage described by Erik Erikson where children learn to develop a sense of personal control and independence. Failure at this stage can result in feelings of shame and doubt.

Industry Versus Inferiority

Erikson’s fourth stage in which children attempt new skills, developing feelings of competence in their success or feeling inferior or incompetent.