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WAEC Financial Accounting 1993 Question 6

Question 6

Not-for-Profit Organisations

Which of the following is a credit item on an Income and Expenditure account?

  1. A.Bar expenses
  2. B.Electricity
  3. C.Salaries
  4. D.Subscriptions
  5. E.Rates
Show the answer and explanation

Answer: D (Subscriptions)

Explanation

Subscriptions are income, so they are credited; the rest are expenses.