Post Utme Al Hikmah University 2022 Accounting Question 26

Practice objective / multiple choice question 26 from the 2022 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2022 Accounting Objective / Multiple Choice
Question 26 POST_UTME_AL-HIKMAH_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The following transactions are recorded: Purchased office supplies for ₦5,000; paid cash of ₦3,000 for office supplies. What is the effect on the accounting equation?

Answer Options

Correct Answer A. Assets increase by ₦2,000
B. Liabilities increase by ₦2,000
C. Equity increases by ₦2,000
D. Assets decrease by ₦2,000
Correct Answer
A
Correct Option:
Assets increase by ₦2,000

About This Question

This is Post Utme Al Hikmah University 2022 Accounting Question 26. It is one of the objective questions from the 2022 Post Utme Al Hikmah University Accounting examination.

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