Post Utme Futo 2018 Accounting Question 28

Practice objective / multiple choice question 28 from the 2018 Post Utme Futo Accounting examination.

Post Utme Futo 2018 Accounting Objective / Multiple Choice
Question 28 POST_UTME_FUTO • 2018 • ACCOUNTING • objective

A company uses a double-entry system. The journal shows the following transactions: Debit: ₦10,000, Credit: ₦15,000. What is the correct procedure to record the transaction in the ledger?

Answer Options

Correct Answer A. Debit the asset account and credit the liability account.
B. Credit the asset account and debit the liability account.
C. Debit the revenue account and credit the expense account.
D. Credit the revenue account and debit the expense account.
Correct Answer
A
Correct Option:
Debit the asset account and credit the liability account.

About This Question

This is Post Utme Futo 2018 Accounting Question 28. It is one of the objective questions from the 2018 Post Utme Futo Accounting examination.

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