Multiple choice

If the premium paid on joint life policy is considered as expense, it should be

  1. debited to profit and loss appropriation account

  2. credited to profit and loss appropriation account

  3. debited to profit and loss account

  4. credited to profit and loss account
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

It is the correct answer. It should be debited to profit and loss account.

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