Post Utme Christopher University 2023 Accounting Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2023 Accounting Objective / Multiple Choice
Question 1 POST_UTME_CHRISTOPHER_UNIVERSITY • 2023 • ACCOUNTING • objective

Determine the correct journal entry for the following transaction: On January 1, 2023, Christopher University purchased a new building for ₦500,000,000. The building is expected to have a useful life of 10 years and a residual value of ₦50,000,000.

Answer Options

Correct Answer A. Debit Building ₦500,000,000, Credit Cash ₦500,000,000
B. Debit Building ₦450,000,000, Credit Cash ₦450,000,000
C. Debit Building ₦500,000,000, Credit Cash ₦450,000,000
D. Debit Building ₦450,000,000, Credit Cash ₦450,000,000
Correct Answer
A
Correct Option:
Debit Building ₦500,000,000, Credit Cash ₦500,000,000

About This Question

This is Post Utme Christopher University 2023 Accounting Question 1. It is one of the objective questions from the 2023 Post Utme Christopher University Accounting examination.

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