JAMB Accounting 2017 Objective — Question 21

Question 21 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

An organization which has records of only personal accounts is said to be operating on the basis of

A. A. nominal accounts
B. B. real accounts
C. C. single entryCorrect
D. D. complete (double-entry) records

Explanation

Keeping only personal accounts means the records are incomplete, i.e. the business is operating on a single-entry basis.

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