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JAMB Accounting 2014 Objective — Question 14

Question 14 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Given: I. Cash sales II. Cash purchases III. Cash discount allowed IV. Cash payment V. Cash receipts. Which of the following are recorded on the debit side of the cash book?

A. I and II
B. I and III
C. I and VCorrect
D. I and IV

Explanation

Debit side of cash book records: (i) Cash sales (ii) Cash receipts.

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