Post Utme Delsu 2019 Accounting Question 6

Practice objective / multiple choice question 6 from the 2019 Post Utme Delsu Accounting examination.

Post Utme Delsu 2019 Accounting Objective / Multiple Choice
Question 6 POST_UTME_DELSU • 2019 • ACCOUNTING • objective

The following is a trial balance for a manufacturing company. Prepare a balance sheet and an income statement for the company.

Answer Options

Correct Answer A. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
B. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000
C. Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦1,500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000
D. Balance Sheet: Assets = ₦1,500,000, Liabilities = ₦1,000,000, Equity = ₦500,000; Income Statement: Revenue = ₦2,000,000, Cost of Goods Sold = ₦1,500,000, Gross Profit = ₦500,000
Correct Answer
A
Correct Option:
Balance Sheet: Assets = ₦1,000,000, Liabilities = ₦500,000, Equity = ₦500,000; Income Statement: Revenue = ₦1,500,000, Cost of Goods Sold = ₦1,000,000, Gross Profit = ₦500,000

About This Question

This is Post Utme Delsu 2019 Accounting Question 6. It is one of the objective questions from the 2019 Post Utme Delsu Accounting examination.

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