Asked by Miquan Patton-Martin on May 12, 2024
Verified
Owner's withdrawals
A) increase expenses
B) decrease expenses
C) increase cash
D) decrease owner's equity
Owner's Withdrawals
Money or other assets taken out of a business by the owner for personal use, not considered a business expense.
Owner's Equity
The residual interest in the assets of a company after deducting liabilities, representing the owner's claim on the business assets.
Expenses
Costs incurred in the process of earning revenue, typically classified as operating or non-operating expenses.
- Identify the role of owner's withdrawals and their impact on owner's equity.
Verified Answer
Learning Objectives
- Identify the role of owner's withdrawals and their impact on owner's equity.
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