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JAMB Principles of Accounts 2011 Question 16

Question 16

Final Accounts of a Sole Trader

The type of expense charged against administration of a firm is the

  1. A.repairs on building
  2. B.interest paid on loan
  3. C.discount allowed
  4. D.tax expense.
Show the answer and explanation

Answer: A (repairs on building)

Explanation

Repairs to the office building are a running cost of administration; interest and discounts are financial items.