The account sometimes referred to as the owner's personal account or drawing account is called a(n)
A) revenue account
B) withdrawals account
C) capital account
D) expense account
E) liability account

Question

Quizplus · Accepted Answer

The withdrawals account, also known as the owner's drawing account, is used to track when the owner takes money out of the business for personal use. This account is separate from the capital account, which tracks the owner's investment in the business.

The Account Sometimes Referred to as the Owner's Personal Account