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

Related Mcqs:

1. If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?

   A. Increase in capital
   B. Remain the same
   C. Decrease in capital
   D. No effect on capital

2. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

3. A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

   A. $2000 will be debited in cash book
   B. $2000 will be credited in cash book
   C. $4000 will be debited in cash book
   D. $4000 will be credited in the cash book

4. Cash brought by the owner to start business is called__________?

   A. Capital
   B. Loan
   C. Drawing
   D. None of these

5. When owner withdraw cash for its private use, it is called ___________?

   A. Profit
   B. Income
   C. Expense
   D. Drawing

6. Introduction capital by owner of business is recorded on which side of a cash book?

   A. Receipts
   B. Payments
   C. Incomes
   D. Expenditures

7. Drawings by owner of business are generally recorded on which of the following side of a cash book?

   A. Receipts
   B. Payments
   C. Incomes
   D. Expenditures

8. Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?

   A. Receipts
   B. Payments
   C. Incomes
   D. Expenditures

9. A cash book that is used to record the small payments of cash is generally referred as_________?

   A. Simple cash book
   B. Two column cash book
   C. Three column cash book
   D. Petty cash book

10. A cash book with cash, bank and discount column is commonly referred as________?

    A. Cash book
    B. Two columns cash book
    C. Three columns cash book
    D. Petty cash book