JAMB Accounting 2019 Objective — Question 25

Question 25 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a

A. gain
B. deficitCorrect
C. loss
D. surplus

Explanation

If the debit side is higher than the credit side of an income and expenditure account, the difference is a deficit.

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