Post Utme Futa 2017 Accounting Question 24

Practice objective / multiple choice question 24 from the 2017 Post Utme Futa Accounting examination.

Post Utme Futa 2017 Accounting Objective / Multiple Choice
Question 24 POST_UTME_FUTA • 2017 • ACCOUNTING • objective

A company's balance sheet shows an increase in the value of its inventory by ₦1,500,000. The increase is due to the purchase of new goods. Prepare the necessary journal entry to record the increase in value.

Answer Options

Correct Answer A. Debit Inventory ₦1,500,000, Credit Bank ₦1,500,000
B. Debit Inventory ₦1,500,000, Credit Accumulated Depreciation ₦1,500,000
C. Debit Inventory ₦1,500,000, Credit Bank ₦1,500,000 and Accumulated Depreciation ₦1,500,000
D. Debit Bank ₦1,500,000, Credit Inventory ₦1,500,000
Correct Answer
A
Correct Option:
Debit Inventory ₦1,500,000, Credit Bank ₦1,500,000

About This Question

This is Post Utme Futa 2017 Accounting Question 24. It is one of the objective questions from the 2017 Post Utme Futa Accounting examination.

View More Post Utme Futa 2017 Accounting Questions More Post Utme Futa Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support