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NECO Accounting 2007 Objective — Question 30

Question 30 of 60 from the National Examinations Council (NECO) Accounting 2007 Objective paper, with the correct answer and a full explanation.

A fund budgeted for the payment of minor expenses is

A. cash floatCorrect
B. credit discount
C. dividend

Explanation

A cash float (petty cash) is maintained for the payment of minor expenses.

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