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WAEC Financial Accounting 1993 Question 25

Question 25

Final Accounts of a Sole Trader

Which of the following does not belong to the group?

  1. A.Discount allowed
  2. B.Salaries and wages
  3. C.Sundry expenses
  4. D.Rates and rent
  5. E.Return inwards.
Show the answer and explanation

Answer: E (Return inwards.)

Explanation

Returns inwards is deducted from sales in the trading account; the others are profit and loss expenses.