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WAEC Accounting 2013 Objective — Question 3

Question 3 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.

A credit balance is a

A. liability or an expense
B. liability or an incomeCorrect
C. expenditure or an income
D. asset or an expense

Explanation

While income and liabilities have credit balance, expenses and assets have debit balance.

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