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JAMB Principles of Accounts 2000 Question 23

Question 23

Incomplete Records

The simplest form of single entry procedure consists of keeping a

  1. A.day book or general journal
  2. B.cash book and ledger accounts showing debtors and creditors balances
  3. C.cash journal, sales journal and purchases journal
  4. D.day book in which transactions are described in chronological order.
Show the answer and explanation

Answer: B (cash book and ledger accounts showing debtors and creditors balances)

Explanation

A typical single-entry system keeps only a cash book and personal accounts for debtors and creditors.