An entry in a subsidiary book which does not form part of the double entry system is a?

Assessment: JAMB UTME - Principles of Accounts - 2002 Subject: Financial Accounting

Question 1 Report

An entry in a subsidiary book which does not form part of the double entry system is a?
Answer Details
An entry in a subsidiary book which does not form part of the double entry system is called a memorandum entry. It is a temporary record that serves as a reminder to make a formal entry later in the books of original entry or ledger. These entries provide additional information that is necessary for financial analysis, budgeting, and decision-making. Memorandum entries may include transactions such as loans, bank deposits, and withdrawals, as well as other business activities that need to be tracked for future reference. However, they do not affect the accounts and are not part of the formal accounting records.
Read lesson note on Incomplete Records And Single Entry (JAMB)
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