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JAMB Principles of Accounts 2010 Question 18

Question 18

Accruals and Prepayments

Benefits enjoyed for which payments have not been made are

  1. A.accruals
  2. B.prepayments
  3. C.acquisitions
  4. D.provisions.
Show the answer and explanation

Answer: A (accruals)

Explanation

An accrual is an expense already used up but not yet paid.