Question on: JAMB Accounting - 2022
The main features of the single system are that?
A
books of accounts are not maintained and business relies only on bank statement
B
the journal records are absent and only the main ledger is kept 7
C
there are incomplete classifications and recording procedures
D
only credit sales transactions and credit purchase are recorded
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Correct Option: A
The main features of a single-entry system include the absence of comprehensive double-entry bookkeeping practices.
In a single-entry system, businesses typically maintain limited records, and they rely heavily on bank statements to track their financial transactions. Therefore, Option A accurately describes one of the main features of a single-entry system.
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