Cacs Paper 1 Online

Instead of memorizing a list, think of these concepts as the . Without them, everyone would "cook the books" differently.

This is a favorite trap. Drawings (owner taking cash/goods for personal use) reduce Capital, but they are NOT an expense. Do not put drawings in the Profit and Loss account. If you do, your profit will be wrong, and your Balance Sheet won't balance. cacs paper 1