Post Utme Afe Babalola University 2021 Accounting Question 7

Practice objective / multiple choice question 7 from the 2021 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2021 Accounting Objective / Multiple Choice
Question 7 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows the following accounts: Debit: Cash 10,000, Accounts Payable 5,000, Equipment 20,000 Credit: Common Stock 30,000, Revenue 15,000. 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 7. It is one of the objective questions from the 2021 Post Utme Afe Babalola University Accounting examination.

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