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Accounts (Principles of Accounts) · Accruals, prepayments and provisions

Accounts (Principles of Accounts)Accruals, prepayments and provisionsWAEC

Insurance paid ₦9,000 includes ₦3,000 for next year. The insurance expense for the year is

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Answer: C. ₦6,000

Prepayment is excluded: 9,000 − 3,000.

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