Post Utme Achievers University 2024 Accounting Question 22

Practice objective / multiple choice question 22 from the 2024 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2024 Accounting Objective / Multiple Choice
Question 22 POST_UTME_ACHIEVERS_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this transaction on the accounting equation?

Answer Options

A. Increases Assets and Decreases Liabilities
B. Increases Liabilities and Decreases Assets
C. Increases Equity and Decreases Assets
Correct Answer D. Increases Assets and Decreases Equity
Correct Answer
D
Correct Option:
Increases Assets and Decreases Equity

About This Question

This is Post Utme Achievers University 2024 Accounting Question 22. It is one of the objective questions from the 2024 Post Utme Achievers University Accounting examination.

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