JAMB Accounting 2015 Objective — Question 10
Question 10 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.
Advertisement
The total of the discounts received column in the cash book is posted to the
- A. credit of the discount received accountCorrect
- B. debit of the discounts allowed account
- C. credit of the discount allowed account
- D. debit or the discounts received account
Explanation
Discount received is an income, so it must have a credit balance — posted to the credit of the discount received account.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.