WAEC Accounting 2013 Objective — Question 2
Question 2 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.
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The lodgment of business cash into the business bank account is an example of a
- A. contra entryCorrect
- B. bank reconciliation
- C. balancing ledger
- D. reversal entry
Explanation
A transaction which is internal to the business is treated as a contra entry.
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