Post Utme Crawford University 2025 Accounting Question 3

Practice objective / multiple choice question 3 from the 2025 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2025 Accounting Objective / Multiple Choice
Question 3 POST_UTME_CRAWFORD_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's balance sheet shows a decrease in inventory of ₦50,000. The decrease is due to a sale of goods. Prepare the necessary journal entry to record the sale.

Answer Options

A. Debit Sales ₦50,000, Credit Inventory ₦50,000
B. Debit Inventory ₦50,000, Credit Cost of Goods Sold ₦50,000
Correct Answer C. Debit Cost of Goods Sold ₦50,000, Credit Inventory ₦50,000
D. Debit Inventory ₦50,000, Credit Sales ₦50,000
Correct Answer
C
Correct Option:
Debit Cost of Goods Sold ₦50,000, Credit Inventory ₦50,000

About This Question

This is Post Utme Crawford University 2025 Accounting Question 3. It is one of the objective questions from the 2025 Post Utme Crawford University Accounting examination.

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