An organization which has records of only personal accounts is said to be operating on the basis of?

By: |Published on: Nov 30|Categories: Accounting JAMB| 0 comments

A. single entry
B. real accounts
C. nominal accounts
D. double entry

Correct Answer:

Option A – single entry

Explanation

A single entry system records a transaction with a single entry and only maintains one side of every transaction.

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