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WAEC Financial Accounting 2023 Question 31

Question 31

Double Entry and the Ledger

The accounts maintained in the nominal ledger are

  1. A.income and capital.
  2. B.expenses and income.
  3. C.liabilities and capital.
  4. D.assets and liabilities.
Show the answer and explanation

Answer: B (expenses and income.)

Explanation

Nominal accounts are for income and expenses.