passwella.
Menu

WAEC Financial Accounting 1993 Question 1

Question 1

Books of Original Entry

The books of accounts are opened by means of a

  1. A.Sales Journal
  2. B.Principal Journal
  3. C.Purchases Journal
  4. D.Returns Inwards Journal
  5. E.Returns Outwards Journal.
Show the answer and explanation

Answer: B (Principal Journal)

Explanation

Opening entries (assets, liabilities and capital at the start) go through the journal proper (principal journal).