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WAEC Financial Accounting 1991 (August) Question 39

Question 39

Final Accounts of a Sole Trader

The Trading Account is usually headed

  1. A.for the year ended .........19x1
  2. B.for .........19x1
  3. C.as......... 19x1
  4. D.as at......... 19x1
  5. E...................19x1.
Show the answer and explanation

Answer: A (for the year ended .........19x1)

Explanation

The trading account covers a period, so it is headed 'for the year ended …'; 'as at' is for the balance sheet.