JAMB Accounts Principles of Accounts 2019 Paper

Concept:Double entry bookkeeping records each transaction in two accounts: one debit and one credit.Explanation:Every business transaction affects at least two accounts.One account receives value, so it is debited.Another account gives value, so it is credited.This means the total debits must always equal the total credits.Therefore, the rule states that all transactions must be recorded in two accounts, with one account debited and the other credited.Answer:C. all transactions must be recorded in two accounts, one account is debited and another is credited.