Post Utme Christopher University 2019 Accounting Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2019 Accounting Objective / Multiple Choice
Question 31 POST_UTME_CHRISTOPHER_UNIVERSITY • 2019 • ACCOUNTING • objective

A company uses the double entry system to record transactions. If the company purchases office equipment for ₦50,000, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦50,000 and Liabilities increase by ₦50,000
Correct Answer B. Assets increase by ₦50,000 and Equity increases by ₦50,000
C. Assets decrease by ₦50,000 and Liabilities decrease by ₦50,000
D. Assets decrease by ₦50,000 and Equity decreases by ₦50,000
Correct Answer
B
Correct Option:
Assets increase by ₦50,000 and Equity increases by ₦50,000

About This Question

This is Post Utme Christopher University 2019 Accounting Question 31. It is one of the objective questions from the 2019 Post Utme Christopher University Accounting examination.

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