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WAEC Financial Accounting 1993 Question 16

Question 16

Double Entry and the Ledger

Purchases in Accounting refer to goods bought for

  1. A.repairs
  2. B.owner's use
  3. C.resale
  4. D.decorating offices
  5. E.permanent use.
Show the answer and explanation

Answer: C (resale)

Explanation

The purchases account is only for goods bought to be sold again.