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WAEC Financial Accounting 2013 Question 30

Question 30

Departmental Accounts

In departmental accounts, administrative expenses are recorded in the

  1. A.Trading account.
  2. B.Balance sheet.
  3. C.Profit and loss account.
  4. D.Profit and Loss Appropriation Account.
Show the answer and explanation

Answer: C (Profit and loss account.)

Explanation

Administrative expenses are charged in the profit and loss account (shared among departments on a fair basis).