When an owner, in a proprietorship or partnership, withdraws cash or other assets from a business for personal use, these withdrawals are termed
A) expenses.
B) salary.
C) drawings.
D) a credit line.

Question

Quizplus · Accepted Answer

Drawings refer to the withdrawal of cash or other assets by the owner from the business for personal use, which is common in proprietorships and partnerships.

When an Owner, in a Proprietorship or Partnership, Withdraws Cash