JAMB Accounting 2021 Objective — Question 15

Question 15 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

15. When a single transaction occurs at both the debit and credit side, such transaction is referred to as a. Powerful transaction b. Contract c. Contra d. Offsetting

A. Powerful transaction
B. Contract
C. ContraCorrect
D. Offsetting

Explanation

Contra is a transaction that has an offsetting effect in the account — it occurs on both the debit and credit side.

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