Nigerian Scholars » Past Questions » Accounts » The simplest form of single entry procedure consists of keeping a

The simplest form of single entry procedure consists of keeping a


Question

The simplest form of single entry procedure consists of keeping a

Options

A) day book or general journal

B) cash book and ledger accounts showing debtors and creditors balances

C) cash journal, sales journal and purchases journal

D) day book in which transactions are described in chronological order

The correct answer is B.

Explanation:

A single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. The simplest form of single entry procedure consists of keeping a cash book and ledger accounts showing debtors and creditors balances.


More Past Questions:


Dicussion (1)

  • A single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. The simplest form of single entry procedure consists of keeping a cash book and ledger accounts showing debtors and creditors balances.

    Reply
    Like