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JAMB Principles of Accounts 2008 Question 1

Question 1

Introduction to Accounting

One of the major features of bookkeeping is that it

  1. A.provides permanent records for all financial transactions
  2. B.is futuristic in nature
  3. C.accepts responsibility for all wrong postings
  4. D.does not give room for double entry procedure
Show the answer and explanation

Answer: A (provides permanent records for all financial transactions)

Explanation

Book-keeping records every financial transaction so that a permanent record is kept.