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

question 65

Multiple Choice

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

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

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Definitions:

Downsizing

The process of reducing a company's workforce and/or scaling back its operations to lower expenses and streamline its organization.

Swoosh

A commonly recognized symbol of Nike, representing speed, movement, power, and motivation.

Brand Name

The name given to a product or service to distinguish it from others and create a recognizable identity in the market.

Downsizing

The practice of reducing a company's size through layoffs, closures, or the elimination of certain products or services, often to cut costs.