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WAEC Financial Accounting 1992 Question 45

Question 45

Final Accounts of a Sole Trader

Which of the following is not a balance sheet item?

  1. A.Provision for discount
  2. B.Outstanding wages
  3. C.Prepaid rent
  4. D.Proposed dividend
  5. E.Dividend received.
Show the answer and explanation

Answer: E (Dividend received.)

Explanation

Dividend received is income for the profit and loss account.