WAEC Accounting 2016 Objective — Question 8
Question 8 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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8. Cash paid to Jake, N2,500, was entered on the credit side of his account and debited to cash account. This is an error of A. Principle B. Commission C. Complete reversal of entries D. Original entry
- A. Principle
- B. Commission
- C. Complete reversal of entriesCorrect
- D. Original entry
Explanation
The entry was reversed. Since cash is paid to Jake, correct posting is Dr Jake A/c, Cr Cash A/c, but it was posted the other way — a complete reversal of entries.
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