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Goods stolen at the branch is debited to

Accounts - Principles of Accounts
WAEC 2015

Goods stolen at the branch is debited to

  • A. Defalcations account
  • B. Branch stock account
  • C. Branch adjustment account
  • D. Branch debtors account
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Correct Answer: Option A
Explanation

Defalcation predominantly refers to the theft, misuse or misappropriation of money or funds held by an official trustee, or other senior-level fiduciary. In this regard a defalcation account will be opened to record the stolen goods.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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