Post Utme Coal City University 2021 Accounting Question 7

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

Post Utme Coal City University 2021 Accounting Objective / Multiple Choice
Question 7 POST_UTME_COAL_CITY_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦200,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦100,000. Prepare the company's balance sheet.

Answer Options

Correct Answer A. Assets ₦1,100,000, Liabilities ₦200,000, Equity ₦900,000
B. Assets ₦1,200,000, Liabilities ₦300,000, Equity ₦900,000
C. Assets ₦1,300,000, Liabilities ₦400,000, Equity ₦900,000
D. Assets ₦1,400,000, Liabilities ₦500,000, Equity ₦900,000
Correct Answer
A
Correct Option:
Assets ₦1,100,000, Liabilities ₦200,000, Equity ₦900,000

About This Question

This is Post Utme Coal City University 2021 Accounting Question 7. It is one of the objective questions from the 2021 Post Utme Coal City University Accounting examination.

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