WAEC Accounting 2023 Objective — Question 13
Question 13 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.
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The reason for treating carriage inwards in the trading account is because
- A. it is an expense on goods sold to customers.
- B. carriage outwards is an expense item in the profit and loss account.
- C. it does not appear in the balance sheet.
- D. it is an expense on goods purchased.Correct
Explanation
Carriage inwards is part of the cost of goods purchased, so it must be included in the trading account to properly reflect the cost of purchases.
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