Multiple Choice
Which accounts are affected when the owner withdraws cash from the business?
A) Assets decrease and Withdrawals increase.
B) Liabilities and Capital increase.
C) Assets and Liabilities increase.
D) None of the above are correct.
Correct Answer:

Verified
Correct Answer:
Verified
Q55: The accounting equation states that total assets
Q148: To distinguish the total on a financial
Q149: The basic accounting equation is<br>A) Assets =
Q150: The parties that have claims against the
Q151: Creditors' claims against assets are called owner's
Q152: Which financial statement is prepared first?<br>A) Statement
Q154: Record the following transactions into the expanded
Q155: The increase or decrease in the owner's
Q156: This statement shows the financial position of
Q157: If beginning capital was $100,000, ending capital