Discount allowed is a charge to

Assessment: WAEC SSCE - Financial Accounting - 1991 (Objective) Subject: Financial Accounting

Question 1 Report

Discount allowed is a charge to
Answer Details
Discount allowed is a deduction or reduction in the selling price of goods or services offered to customers as an incentive to encourage sales. This reduction in price is considered an expense incurred by the business and is recorded in the profit and loss account of the business. Therefore, the correct answer is - profit and loss account.

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