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WAEC Financial Accounting 1994 Question 49

Question 49

Final Accounts of a Sole Trader

Fixed Assets include

  1. A.prepayment
  2. B.stock
  3. C.accrual
  4. D.land
  5. E.debenture.
Show the answer and explanation

Answer: D (land)

Explanation

Land is kept for long-term use: a fixed asset.