JAMB Accounting 2022 Objective — Question 24

Question 24 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

24. Discount received is a/an

A. (A) asset
B. (B) liability
C. (C) incomeCorrect
D. (D) expenses

Explanation

Discount received is income to the receiver, and is posted to the credit side of the profit and loss account.

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.

Create free account

More questions from Accounting 2022 Objective More Accounting past papers