Post Utme Achievers University 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_ACHIEVERS_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000. What is the effect of this transaction on the accounting equation?

Answer Options

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

About This Question

This is Post Utme Achievers University 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Achievers University Accounting examination.

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