JAMB Accounting 2019 Objective — Question 10

Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

One of the shortcomings of single entry procedures is that

A. a trial balance is not available
B. profits are overestimatedCorrect
C. there are no subsidiary books
D. there are no control accounts

Explanation

In a single entry book, profit will tend to be overstated because all costs are not properly accounted for.

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