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WAEC Financial Accounting 2004 Question 16

Question 16

Control Accounts

The balance on the Sales Ledger Control Account at the end of the accounting year represents total

  1. A.trade debtors at the end of the year
  2. B.cash sales for the year
  3. C.credit sales for the year
  4. D.amount transferred from the Sales Day Book.
Show the answer and explanation

Answer: A (trade debtors at the end of the year)

Explanation

Its closing balance is the total owed by customers.