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WAEC Financial Accounting 2017 Question 17

Question 17

Final Accounts of a Sole Trader

Carriage outward expenses of a business are treated in the

  1. A.Balance Sheet.
  2. B.Income Surplus Account.
  3. C.Profit and Loss Account.
  4. D.Trading Account.
Show the answer and explanation

Answer: C (Profit and Loss Account.)

Explanation

Carriage outwards is a selling expense charged in the profit and loss account.