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Transactions are recorded or posted to the ledger in line with

Accounts - Principles of Accounts
JAMB 2019

Transactions are recorded or posted to the ledger in line with

  • A. Accounting Concept
  • B. Source document
  • C. Double Entry Principle
  • D. Data collection
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Correct Answer: Option C
Explanation

The main principle of double-entry system is that for every debit there is a corresponding credit for an equal amount of money and for every credit there is a corresponding debit for an equal amount of money; i.e. for every transaction one account is debited for, the amount of transaction and the other account is also credited. 


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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