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JAMB Principles of Accounts 2002 Question 5

Question 5

Books of Original Entry

An entry in a subsidiary book which does not form part of the double entry system is a

  1. A.contra entry
  2. B.journal entry
  3. C.single entry
  4. D.memorandum entry.
Show the answer and explanation

Answer: D (memorandum entry.)

Explanation

A memorandum entry is made only for information (e.g. trade discount) and is not posted as part of the double entry.