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WAEC Financial Accounting 1995 Question 30

Question 30

Final Accounts of a Sole Trader

The aggregate of amounts owed to a business by its customers is known as

  1. A.accounts receivable
  2. B.account current
  3. C.accounts payable
  4. D.accumulated fund
  5. E.debtors' fund.
Show the answer and explanation

Answer: A (accounts receivable)

Explanation

Money customers owe is accounts receivable (debtors).