Transactions are recorded or posted to the ledger in line with
FINANCIAL
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
Correct Answer: C. Double Entry Principle
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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