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WAEC Financial Accounting 1993 Question 34

Question 34

Final Accounts of a Sole Trader

Which of the following does not belong to the group?

  1. A.Plant and machinery
  2. B.Stock
  3. C.Goodwill
  4. D.Preliminary expenses
  5. E.Overdraft.
Show the answer and explanation

Answer: E (Overdraft.)

Explanation

An overdraft is a liability; the others appear on the assets side.