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WAEC Financial Accounting 1991 (August) Question 32

Question 32

Final Accounts of a Sole Trader

Carriage outwards is accounting term for amount spent on

  1. A.goods purchased
  2. B.goods sold
  3. C.excess stock
  4. D.goods for production
  5. E.goods returned to stock.
Show the answer and explanation

Answer: B (goods sold)

Explanation

Carriage outwards is the cost of delivering goods sold to customers (a P&L expense).