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QUESTION 1: (10) Specify/Indicate whether the following accounts are Assets, Liabilities, Income or expense accounts respectively: (10) Discount received Vehicle repairs Revenue stamps on hand

QUESTION 1: (10)

Specify/Indicate whether the following accounts are Assets, Liabilities, Income or expense accounts respectively: (10)

  1. Discount received
  2. Vehicle repairs
  3. Revenue stamps on hand
  4. Revenue stamps used
  5. Discount allowed
  6. Prepaid water and electricity
  7. Rent received in advanced
  8. Cash on hand
  9. Trust creditors
  10. Bank Charges

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