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WAEC Financial Accounting 2014 Question 14

Question 14

Books of Original Entry

Which of the following is entered in the general journal?

  1. A.Purchase of goods
  2. B.Sale of goods on credit
  3. C.Returns inward
  4. D.Acquisition of fixed assets.
Show the answer and explanation

Answer: D (Acquisition of fixed assets.)

Explanation

Goods bought and sold and returns have their own day books; acquisition of fixed assets is recorded in the general journal.