The accounting principle of double entry states that

Assessment: WAEC SSCE - Financial Accounting - 2021 (Objective) Subject: Financial Accounting

Question 1 Report

The accounting principle of double entry states that

Answer Details
The accounting principle of double entry states that every financial transaction has two effects: a debit and a credit. In other words, every entry made in the accounting records must have an equal and opposite entry. This means that for every debit made to an account, there must be a corresponding credit made to another account. This helps ensure that the accounting records are accurate and balanced. Therefore, the option that correctly describes the accounting principle of double entry is: "every debit entry must have a corresponding credit entry."
Read lesson note on The Accounting Equation And Double Entry Principle (WAEC)
Read lesson note on Principles Of Double Entry (JAMB)
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