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)Expense account.
D)Liability account.
E)Capital account.

Question

Quizplus · Accepted Answer

The withdrawals account is where any money the owner takes out of the business for personal use is recorded. This account is also known as the owner's personal account or drawing account.

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