Post Utme Afe Babalola University 2021 Accounting Question 10

Practice objective / multiple choice question 10 from the 2021 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2021 Accounting Objective / Multiple Choice
Question 10 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2021 • ACCOUNTING • objective

A government agency uses the accrual basis of accounting. The following transactions were recorded in the journal: Debit: Salaries Expense 10,000, Accounts Payable 5,000 Credit: Salaries Payable 15,000, Revenue 20,000. What is the correct procedure to prepare the financial statements?

Answer Options

Correct Answer A. Prepare the balance sheet and income statement
B. Prepare the income statement and balance sheet
C. Prepare the statement of cash flows and balance sheet
D. Prepare the statement of stockholders' equity and balance sheet
Correct Answer
A
Correct Option:
Prepare the balance sheet and income statement

About This Question

This is Post Utme Afe Babalola University 2021 Accounting Question 10. It is one of the objective questions from the 2021 Post Utme Afe Babalola University Accounting examination.

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