_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

Related Mcqs:

The gross decrease in economic benefits for the business are what?

A. Expenses B. Obligations C. Creditors D. Income or gain...

Which of following best describes the increase in equity expands___________?

A. Business operations B. cash outflows C. Inflows of cash D. Appropriation expenses...

Which of the following is true?

A. Error of casting affects personal accounts B. Omission of a transaction from a subsidiary record affects only one account C. Error of carry forward affects two accounts D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue...

Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve

A. Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and Profit and Loss Account respectively B. Deduct the 800 from closing stock in the Trading Account C. Credit insurance company for 600 D. Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and … Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involveRead More...

Under which of the following situations, is journal entry not passed in the books of the drawer?

A. When a discounted bill is honoured by the drawee on the due date B. When a bill is sent to the bank for collection C. When a bill is renewed at the request of the drawee D. When a debtor accepts a bill drawn by the drawer...