Q47
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use
A.
Depreciation
B.
Drawings
AnswerC.
Outflow of cash
D.
Appreciation
Answer: Option B
Solution
Answer: Option B
Solution:
Drawings is the withdrawal of cash and goods by the owner of the business for his/her personal use. Assets in the form of Cash or Goods which are withdrawn from a business by the owner(s) for their personal use are termed as drawings.