Post Utme Bells University 2024 Accounting Question 14

Practice objective / multiple choice question 14 from the 2024 Post Utme Bells University Accounting examination.

Post Utme Bells University 2024 Accounting Objective / Multiple Choice
Question 14 POST_UTME_BELLS_UNIVERSITY • 2024 • ACCOUNTING • objective

A business uses the double-entry system to record its transactions. The journal entry for the purchase of equipment is: Debit: ₦20,000, Credit: ₦15,000. What is the effect on the business's financial position?

Answer Options

Correct Answer A. Increase in assets
B. Decrease in liabilities
C. Increase in equity
D. Decrease in assets
Correct Answer
A
Correct Option:
Increase in assets

About This Question

This is Post Utme Bells University 2024 Accounting Question 14. It is one of the objective questions from the 2024 Post Utme Bells University Accounting examination.

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