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If an owner makes a withdrawal of cash from the business bank account, then there has been a violation of the business entity concept owner's equity will increase O owner's equity will decrease there will be a new liability showing the owner owes money to the business

If an owner makes a withdrawal of cash from the business bank account, then there has been a violation of the business entity concept owner's equity will increase O owner's equity will decrease there will be a new liability showing the owner owes money to the business

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If an owner makes a withdrawal of cash from the business bank account, then there has been a violation of the business entity concept owner's equity will increase O owner's equity will decrease there will be a new liability showing the owner owes money to the business
Transcribed Image Text:If an owner makes a withdrawal of cash from the business bank account, then there has been a violation of the business entity concept owner's equity will increase O owner's equity will decrease there will be a new liability showing the owner owes money to the business
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