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WAEC Financial Accounting 2013 Question 23

Question 23

Cash Book

Cash receipts and payments involving discounts are entered in

  1. A.three-column cash book.
  2. B.two-column cash book.
  3. C.analytical cash book.
  4. D.petty cash book.
Show the answer and explanation

Answer: A (three-column cash book.)

Explanation

The three-column cash book has discount columns beside the cash and bank columns.