JAMB Accounting 2008 Objective — Question 4

Question 4 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

One basic assumption of the double entry theory is that it allows

A. two credit entries at the same time
B. two debit entries at the same time
C. debit and credit entries in the same account
D. debit and credit entries in corresponding accountsCorrect

Explanation

The principle of double entry is based on the assumption that all transactions must have two corresponding entries (Dr and Cr).

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