Veterinary Practice Manager

Category - CVPM

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Personal income tax payments made by the veterinary hospital on behalf of the practice owner (sole proprietor) would be recorded in which of the following accounts, according to The American Animal Hospital Association’s (AAHA) chart of accounts?

Withdrawals
Capital
Retained earnings
FICA taxes payable

Explanation

Answer: A- Personal income tax payments made by the veterinary hospital on behalf of the practice owner would be recorded in “withdrawals”, according to The American Animal Hospital Association’s (AAHA) chart of accounts.

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