JAMB Accounting 2011 Objective — Question 15

Question 15 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

The type of expense charged against administration of a firm is the

A. A. repairs on building
B. B. interest paid on loanCorrect
C. C. discount allowed
D. D. tax expense

Explanation

The administrative department is the department that handles loans and similar matters; thus, interest paid on loan is charged against the administrative department of a firm.

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