The principle of double entry developed from the axioms of accounting equation is given as

Accounts - Principles of Accounts

JAMB 2023

A. Liabilties + Equity = Net assets
B. Assets + Equity = Liabilities
C. Liabilities + Equity = Assets
D. Assets + Liability = Equity

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Correct Answer: Option C

Explanation

The accounting equation states that:
- Capital( Equity) = Assets - Liabilities
- Assets = Capital (Equity) - Liabilties
- Liabilties = Assets - Capital (Equity)
- Equity(Capital ) = Assets

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The principle of double entry developed from the axioms of accounting equation is given as

Correct Answer: Option C

Explanation

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