Post Utme Elizade University 2023 Accounting Question 23

Practice objective / multiple choice question 23 from the 2023 Post Utme Elizade University Accounting examination.

Post Utme Elizade University 2023 Accounting Objective / Multiple Choice
Question 23 POST_UTME_ELIZADE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦20,000, Sales Revenue ₦30,000. What is the effect of these balances on the accounting equation?

Answer Options

A. Increases assets and decreases liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
Correct Answer D. Increases equity and decreases liabilities
Correct Answer
D
Correct Option:
Increases equity and decreases liabilities

About This Question

This is Post Utme Elizade University 2023 Accounting Question 23. It is one of the objective questions from the 2023 Post Utme Elizade University Accounting examination.

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