JAMB Accounting 2014 Objective — Question 12

Question 12 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

The petty cash book records transactions on the

A. the debit side only
B. the credit side only
C. both credit and debit sidesCorrect
D. reversed entry

Explanation

Since petty cash book has its receipt in form of reimbursement and the expense for which it is created, therefore, it has both debit and credit sides.

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