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WAEC Financial Accounting 1991 (August) Question 35

Question 35

Double Entry and the Ledger

Which of the following accounts are treated in the nominal ledger? I. Wages II. Discounts allowed III. Purchases

  1. A.I only
  2. B.II only
  3. C.III only
  4. D.I, II and III
  5. E.I and II only.
Show the answer and explanation

Answer: D (I, II and III)

Explanation

Wages, discounts allowed and purchases are all nominal (expense) accounts.