Post Utme Coal City University 2022 Accounting Question 25

Practice objective / multiple choice question 25 from the 2022 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2022 Accounting Objective / Multiple Choice

Question 25 POST_UTME_COAL_CITY_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses the single-entry system of accounting. It records the following transactions in its journal: Debit Sales ₦20,000, Credit Purchases ₦10,000. What is the effect of this transaction on the company's profit?

Answer Options

Correct Answer A. Increase by ₦10,000

B. Decrease by ₦10,000

C. No effect

D. Increase by ₦20,000

Correct Answer

Correct Option:

Increase by ₦10,000

About This Question

This is Post Utme Coal City University 2022 Accounting Question 25. It is one of the objective questions from the 2022 Post Utme Coal City University Accounting examination.

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