passwella.
Menu

WAEC Financial Accounting 2006 Question 44

Question 44

Cash Book

Which of the following columns of a three column cash book are memoranda? I. Discount received II. Discount allowed III. Cash IV. Bank

  1. A.I and II only
  2. B.I and III only
  3. C.II and III only
  4. D.III and IV only.
Show the answer and explanation

Answer: A (I and II only)

Explanation

The discount columns are memorandum columns totalled and posted to the discount accounts; cash and bank columns are real accounts.