JAMB Accounting Past Questions & Answers - Page 71

353.

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

A.

Single entry

B.

Real accounts

C.

Nominal accounts

D.

Double entry

Correct answer is A

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


 

355.

A receipt is an evidence of

A.

Payments

B.

Stocking

C.

Delivery

D.

Discounts

Correct answer is A

A receipt is a written acknowledgment of having received, or taken into one's possession, a specified amount of money, goods, etc.