WAEC Accounting 2021 Objective — Question 19
Question 19 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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The accounting principle of double entry states that
- A. debit the giver and credit the receiver
- B. assets must be equal to capital plus liabilities
- C. every debit entry must have a corresponding credit entryCorrect
- D. debit entries increase liabilities while credit entries increase assets
Explanation
According to Lucas Pacioli, the principle of double entry states that for every debit entry, there must be a corresponding credit entry.
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