A. Profit
B. Income
C. Expense
D. Drawing
Related Mcqs:
- Cash brought by the owner to start business is called__________?
A. Capital
B. Loan
C. Drawing
D. None of these - 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 - _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation - 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 - 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 - Introduction capital by owner of business is recorded on which side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures - 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 - A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
A. $1000 will be added to cash book balance
B. $2000 will be deducted from cash book balance
C. $3000 will be added to cash book balance
D. $3000 will be subtracted from cash book balance - $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
A. $5000 will be credited
B. $5000 will be debited
C. $10,000 will be credited
D. $10,000 will be debited - Cash book with cash and discount column is mostly referred as________?
A. Simple cash book
B. Two column cash book
C. Three column cash book
D. Petty cash book
The correct answer to the question: "When owner withdraw cash for its private use, it is called ___________?" is "Drawing".
