O-LevelAccountingThe fundamentals of accounting7707/11 · Oct/Nov 2012 · Q21 Mark

What is the purpose of the double entry book-keeping system?

Ato calculate the owner's capital

Bto ensure no transaction is omitted from the books

Cto prepare a bank reconciliation statement

Dto record both aspects of every transaction

✓ Correct answer

D: to record both aspects of every transaction

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Topic: The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2012 Paper 1 Variant 1, question 2.

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