A business transaction is recorded in the books of accoun...
A business transaction is recorded in the books of account when the
Owner of the business invests his N10,000 in another company
Business retains part of ofits profits for future expansion purposes
Business invest applies for overdraft facilities from its bankers
Owner of the business collects N5,000 from the accountant
Correct answer is D
When the owner of the business withdraws money from the business for personal use, it is called ''drawings'' and must be recorded for future reference.
Any type of drawings reduces the capital or owner's equity of a business, so it is important to keep track of these drawings and manage them within your accounts. However, drawings are not considered a business expense.
Which of the following is an example of direct expense? ...
Which of these is a capital expenditure warrant? ...
The book of account in which information from the source documents are recorded consists of ...
Which of the following accounting records are source documents? ...
A source document is used for verifying the? ...
Departmental accounts are prepared to aid the comparison of the? ...
.....................Departments ..................... P &nb...