What is the account used to record amounts withdrawn for personal use (not for business use) by an owner of a sole proprietorship called? Group of answer choices revenue capital drawing investment

Q: When an owner of a proprietary business withdraws cash from the business to pay for personal…

A: According to the accounting formula, a company's total assets equal the sum of its liabilities and…

Q: Discuss and explain in details the steps of preparing Accrual basis accounting with one example and…

A: Accrual basis of accounting is that basis of accounting in which income and expenses are recorded in…

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: What is the Business Acquisitions. Could you please give the eamples?

A: Business Acquisitions.Business acquisitions include the purchase of one firm by another and can…

Q: Identify the following users as either External users or Internal users. a. Chief Executive Officer…

A: Accounting users are: Internal users External users

Q: Match each transaction to one of the following activities of an organization: financing activity(F),…

A: Three major categories of an organization’s business activities are as follows:  Financing,…

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: Customers who want to know if a company will stay in business in the long term to honour warranties…

A: Accounting activities involves mainly three such as Identification, recording, communication but…

Q: What is the purpose of a statement of profit or loss for an entity? List three typical items that…

A: The statement of profit and loss of an entity is the part of financial statements prepared at the…

Q: Which one of the following is a characteristic of a valid business transaction? It is an event…

A: Business transaction is an event with an external party and that needs to be recorded in accounting.…

Q: Question 4 of 30. To understand the financial position of an S corporation over its lifespan, which…

A: The Income statement present income earned and expenses incurred during the year.The statement of…

Q: Which businesses qualify as "accelerated filers," and how are such businesses chosen (by income or…

A: Accelerated filers was a term primarily used in the context of financial reporting requirements for…

Q: QUESTION 11 In the reporting of governmental activities, fiscal accountability is demonstrated by:…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What amount should Makayla report as profit or loss from business? You may refer to her partially…

A: Profit and loss statement: A Profit and loss statement or income statement is one of the important…

Q: The business owner uses personal funds to purchase common stock in his company, what is the journal…

A: Lets understand the basics. Journal entry is required to make to record event or transaction occur…

Q: If the owner of a company pays an amount of interest on a personal loan that he uses to begin his…

A: A personal loan is money borrowed by an individual for any purpose. These are unsecured loans given…

Q: On the Balance Sheet, in what order do the accounts appear, and why? What does this have to do with…

A: Order of Accounts on the Balance SheetOn the Balance Sheet, accounts appear in the following…

Q: Which of the following is given as a means to search for unreported income or hidden assets: Group…

A: In accounting there is a branch called forensic accounting. It involves use of accounting knowledge…

Q: PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.Owners (present…

A: Accounting serves the purpose of rendering the required information to different users of financial…

Q: The elements of financial statements include investments by owners. These are increases in an…

A: Net asset is also called as equity because it is calculated as assets minus liabilities of the…

Q: What happens when the personal expenses of a business owner are added to the business expenses?

A: Business expense is the expense of the business while personal expense is the expense of the owner…

Q: Explain to Becky what is meant by discontinued operations and describe to her how that item is…

A: Discontinued operations: Discontinued operations refer to a part of a company’s core business or…

Q: Who are the key users of accounting information? What type of information does each stakeholder…

A: Accounting: Accounting refers to the information system, where the economic activities of a business…

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: The creditor is the person to whom the company owes money at the later date. Creditors are the one…