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WAEC Financial Accounting 2024 Question 2

Question 2

Final Accounts of a Sole Trader

An item recorded in the profit and loss account is

  1. A.creditors.
  2. B.cash-in-hand.
  3. C.debtors.
  4. D.general expenses.
Show the answer and explanation

Answer: D (general expenses.)

Explanation

General expenses are a revenue expense; the other items are balance sheet items.