JAMB Accounting 2016 Objective — Question 21

Question 21 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.

21. An organization which has record of only personal accounts is said to be operating on the basic of (a) nominal accounts (b) real accounts (c) single entry (d) complete

A. nominal accounts
B. real accounts
C. single entryCorrect
D. complete

Explanation

If a business keeps only personal accounts, then its records cannot be complete. Thus, the business is operating on a single entry basis.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2016 Objective More Accounting past papers