WAEC Book Keeping 2024 Objective — Question 4
Question 4 of 40 from the West African Examinations Council (WAEC) Book Keeping 2024 Objective paper, with the correct answer and a full explanation.
Advertisement
4. The accounting treatment for cash withdrawn by the owner of a business for private use is:
- A. debit Cash Account; credit Drawings Account.
- B. debit Cash Account; credit Capital Account.
- C. debit Capital Account; credit Drawings Account.
- D. debit Drawings Account; credit Cash Account.Correct
Explanation
The accounting treatment for cash withdrawn for personal use is dr. Drawings A/C and cr. Cash A/C.
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.