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WAEC Financial Accounting 2015 Question 11

Question 11

Double Entry and the Ledger

Discount Received Account is a

  1. A.real account.
  2. B.personal account.
  3. C.nominal account.
  4. D.profit and loss account.
Show the answer and explanation

Answer: C (nominal account.)

Explanation

Discount received is a gain (income), and income and expense accounts are nominal accounts.