Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 25)
What is the effect of an owner withdrawing cash for personal use on the accounting equation?
Increases assets and increases owner's equity.
Decreases assets and increases owner's equity.
Increases assets and decreases owner's equity.
Decreases assets and decreases owner's equity.
Explanation
Withdrawals decrease cash (asset) and reduce owner's equity.
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