JAMB Accounting 2023 Objective — Question 20

Question 20 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The first account to be prepared when moving from single entry to double entry is A.

A. trial balance
B. profit and loss account
C. cashbook
D. balance sheetCorrect

Explanation

The balance sheet is the first account that is prepared when using from single entry to double entry to ascertain rent capital of the business. (Use the following information to answer question 21-22: Joy enterprise Plant and Machinery at cost 100,000; Estimated useful life 5years; Scrap value 10,000.)

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