Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 23 - No. 31)
What does the term 'drawings' represent in accounting?
Profits distributed to the owners.
Funds borrowed from a bank.
Investments made by the owners.
Withdrawals of assets by the owner for personal use.
Explanation
Drawings represent withdrawals of assets from the business for personal use by the owner.
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