Discount allowed is shown in financial statements as
...Discount allowed is shown in financial statements as
An asset
An income
A liability
An expenses
Correct answer is D
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.
Which of the following can be used on admission of a new partnership? ...
Stock of raw materials (1st January) N3000 Direct wages N2500 Direct expenses N1000 Factory overh...
In manufacturing accounts, finance expenses are charged to the ...