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O-LevelAccountingAccounting procedures7707/13 · Oct/Nov 2024 · Q181 Mark

A trader had a credit balance on his heat and light account at the start of the financial year. What does this balance represent?

Aaccrued income

Ban accrued expense

Cprepaid income

Dprepaid expense

✓ Correct answer

B: an accrued expense

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About this question

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 3, question 18.

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