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WAEC Accounting 2018 Objective — Question 44

Question 44 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.

Interim dividend paid in the year is

A. debited to the Profit and Loss Account
B. debited to the Income Surplus AccountCorrect
C. credited to the Profit and Loss Account
D. credited to the Income Surplus Account

Explanation

Interim dividend paid during the year is debited to the Income Surplus (retained earnings) Account.

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