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WAEC Financial Accounting 2013 Question 1

Question 1

Cash Book

The distinguishing feature between a two-column and three-column cash book is

  1. A.discount column.
  2. B.cash column.
  3. C.bank column.
  4. D.ledger folio.
Show the answer and explanation

Answer: A (discount column.)

Explanation

A two-column cash book has cash and bank columns; the three-column cash book adds a discount column on each side.