WAEC Accounting 2016 Objective — Question 42
Question 42 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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42. The total of the discounts received column in the three-column cash book is A. debited to Discount Received Account B. credited to Discount Received Account C. debited to Discounts Allowed Account D. credited to Discounts Allowed Account
- A. debited to Discount Received Account
- B. credited to Discount Received AccountCorrect
- C. debited to Discounts Allowed Account
- D. credited to Discounts Allowed Account
Explanation
Discount received is an income A/c, thus the total money in the discount received column, of the three-column cash book is treated as Dr Purchase control A/c, Cr Discount received A/c.
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