Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 35 - No. 23)
What is the effect of owner taking cash out of the business for personal use?
Increases assets and equity
Decreases assets and equity
Increases assets and decreases equity
Decreases liabilities and increases equity
Explanation
Taking cash out of the business decreases the assets (cash) and also decreases owner's equity (drawings).
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