BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cash account
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Dividend account
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Salaries account
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Capital account
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Detailed explanation-1: -Withdrawal Account refers to a demand deposit account held by the Client with Citibank or other banks and an account from which all or part of its balance is withdrawn according to agreed schedule to sweep funds into a designated account.
Detailed explanation-2: -3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.
Detailed explanation-3: -A drawing account is an accounting record maintained to track money and other assets withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.
Detailed explanation-4: -A withdrawal involves removing funds from a bank account, savings plan, pension, or trust. Some accounts don’t function like simple bank accounts and carry fees for the early withdrawal of funds.