Post Utme Futa 2020 Accounting Question 20
Practice objective / multiple choice question 20 from the 2020 Post Utme Futa Accounting examination.
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Receivable, Accounts Payable, Sales, and Cost of Goods Sold. If the company's trial balance shows a debit balance of ₦10,000 in the Cash account and a credit balance of ₦15,000 in the Accounts Payable account, what is the net effect on the company's equity?
Answer Options
About This Question
This is Post Utme Futa 2020 Accounting Question 20. It is one of the objective questions from the 2020 Post Utme Futa Accounting examination.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.