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WAEC Financial Accounting 2004 Question 2

Question 2

Double Entry and the Ledger

The principle of double entry book-keeping states that every

  1. A.debit entry must have a corresponding credit entry.
  2. B.debtor must have a creditor
  3. C.double debit entry must have a double credit entry
  4. D.account debited should also be credited
Show the answer and explanation

Answer: A (debit entry must have a corresponding credit entry.)

Explanation

Each debit has an equal and opposite credit.