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:

Bedrock

The layer of solid rock located beneath the surface soil or sediment, acting as a foundation for terrestrial landscapes.

Climate

The long-term pattern of weather in an area, typically averaged over a period of 30 years.

Dam

A structure built across a river or stream to control the flow of water.

Erosion

The process by which natural forces like water, wind, ice, and gravity wear away land surfaces, redistributing the materials.