Question on: JAMB Accounting - 2019
Transactions are recorded or posted to the ledger in line with...
A
Accounting Concept
B
Source document
C
Double Entry Principle
D
Data collection
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Correct Option: C
Based on the principle of double-entry system, for every debit there is a corresponding credit for an equal amount of money and for every credit there is a corresponding debit for an equal amount of money. That is, for every transaction one account is debited for, the amount of transaction and the other account is also credited.
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