A Regular Withdrawal of Cash by the Owner from the Business

question 4

Multiple Choice

A regular withdrawal of cash by the owner from the business is treated as a reduction in equity and is recorded in an account called:

• A) creditors.
• B) debtors.
• C) drawings.
• D) mortgage.

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Definitions:

Oscar Handlin

A prominent American historian and author known for his studies on immigration and the history of ethnicity in American life.

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A governance system where authority is given to the populace, who govern themselves either directly or by choosing representatives through elections.

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An economic system where prices for goods and services are determined by the open market and consumers, with minimal government intervention.

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A city located in the Northern Panhandle of West Virginia, historically known as a significant industrial center and the location of the 1861 Wheeling Convention.