Question on: WAEC Accounting - 2015
Goods stolen at the branch is debited to
A
Defalcations account
B
Branch stock account
C
Branch adjustment account
D
Branch debtors account
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Correct Option: A
Defalcation predominantly refers to the theft, misuse or misappropriation of money or funds held by an official trustee, or other senior-level fiduciary. In this regard a defalcation account will be opened to record the stolen goods.
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