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ACCOUNT

JAMB 2023 - Question 6

Account 2023 JAMB Past Questions - Question 6: The principle of double entry developed from the axioms of accounting equation is given as

The principle of double entry developed from the axioms of accounting equation is given as

A: Liabilties + Equity = Net assets

B: Assets + Equity = Liabilities

C: Liabilities + Equity = Assets

D: Assets + Liability = Equity

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Correct Answer

Explanation

The accounting equation states that:
- Capital( Equity) = Assets - Liabilities
- Assets = Capital (Equity) - Liabilities'
- Liabilities' = Assets - Capital (Equity)
- Equity(Capital ) = Assets