Identify the account used by businesses to record the transfer of assets from a business to its owner for personal use:
A)A revenue account.
B)The dividends account.
C)The common stock account.
D)An expense account.
E)A liability account.

Question

Quizplus · Accepted Answer

The dividends account is used to record the distribution of assets from a business to its owner(s) for personal use, typically in the form of dividends.

Identify the Account Used by Businesses to Record the Transfer