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Discount allowed is shown in financial statements as

Accounts - Principles of Accounts
WAEC 2023

Discount allowed is shown in financial statements as

  • A. an asset
  • B. an income
  • C. a liability
  • D. an expenses
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Correct Answer: Option D
Explanation

Expenses are total amount paid or to be paid for resources used in the accounting period e.g wages, electricity, discount allowed, carriage outward etc.

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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995