Quiz 24

Drawings
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14 MCQs with the right answers
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Q1. Withdrawal of cash by proprietor for personal use is credited to _____.*

1 mark

proprietor

capital

drawings

cash

Q2. Drawings reduces the total _____ of a business.*

1 mark

losses

capital

obligations

profit

Q3. In case of goods withdrawn for personal use, 'stock' account is _____.*

1 mark

balanced

not used

credited

debited

Q4. In case of money withdrawn for personal use, 'drawings' account is _____.*

1 mark

credited

balanced

not used

debited

Q5. Drawings account is also called _____ account.*

1 mark

withdrawal

working capital

share capital

equity

Q6. In case of goods withdrawn, the adjustment is done at _____.*

1 mark

cost price

market price

fair value

intrinsic value

Q7. At the end of an accounting year, 'drawings' account is _____.*

1 mark

reversed

deducted

closed

balanced

Q8. Drawings are shown on the debit side of profit & loss account.*

1 mark

False

True

Q9. Drawings are shown as a liability in the balance sheet.*

1 mark

True

False

Q10. Drawings are reduced from _____.*

1 mark

gross profit

capital

salary

net profit

Q11. Director's Salary or Employee Wages are also Drawings.*

1 mark

True

False

Q12. ‘Drawings’ can also mean goods _____ by business owner(s) for personal use.*

1 mark

returned

sold

purchased

withdrawn

Q13. 'Drawings' is the term given to money _____ by business owner(s) for personal use.*

1 mark

withdrawn

overdrawn

deposited

remitted

Quiz 24 – Drawings

Quiz 24

Connect & Improve AccountingOptional

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