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.

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 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.

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