JAMB Principles of Accounts 2003 Question 3

Question 3

Accounting Concepts and Conventions

Verifiability in accounting is only possible when there are

  1. A.minutes of meetings
  2. B.payment vouchers
  3. C.source documents
  4. D.audit certificates
Show the answer and explanation

Answer: C (source documents)

Explanation

Entries can be checked (verified) only when there are source documents such as invoices and receipts behind them.