WAEC Accounting 2022 Objective — Question 8
Question 8 of 50 from the West African Examinations Council (WAEC) Accounting 2022 Objective paper, with the correct answer and a full explanation.
Advertisement
The entries for cash drawn from the bank by a proprietor for private use is:
- A. debit Cash Account; credit Bank Account
- B. debit Bank Account, credit Cash Account
- C. debit Drawings Account; credit Bank AccountCorrect
- D. debit Cash Account; credit Drawings Account
Explanation
Cash drawn from the bank for the owner's personal use is drawings. The accounting entry is Debit Drawings Account, Credit Bank Account.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.