JAMB Accounting 2021 Objective — Question 33

Question 33 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

33. Goods withdrawn by the owner of a business will affect a. Capital b. Profit c. Expenses d. Liability

A. CapitalCorrect
B. Profit
C. Expenses
D. Liability

Explanation

When goods or cash is withdrawn from the business by the owner (drawings), it reduces the owner's capital.

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