The rules of double entry states that
FINANCIAL
JAMB 2019
The rules of double entry states that
- A. for every debit entry, there must be a corresponding debit entry
- B. for every credit entry, there must be a corresponding credit entry
- C. all transactions must be recorded in two accounts, one account is debited and another is credited
- D. all transaction must be credited
Correct Answer: C. all transactions must be recorded in two accounts, one account is debited and another is credited
Explanation
Double entry system is the entry of debit and credit for each transaction in the ledger. Hence the double entry rules states that debit the receivers, credit the giver.
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