Post Utme Futo 2021 Accounting Question 28

Practice objective / multiple choice question 28 from the 2021 Post Utme Futo Accounting examination.

Post Utme Futo 2021 Accounting Objective / Multiple Choice
Question 28 POST_UTME_FUTO • 2021 • ACCOUNTING • objective

A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦1,500,000 - Cash ₦800,000 - Accounts Receivable ₦500,000 - Office Equipment ₦300,000 - Notes Payable Liabilities: ₦1,000,000 - Accounts Payable ₦200,000 - Salaries What is the correct accounting equation?

Answer Options

Correct Answer A. Assets = Liabilities + Equity
B. Assets - Liabilities = Equity
C. Equity = Assets - Liabilities
D. Liabilities = Assets - Equity
Correct Answer
A
Correct Option:
Assets = Liabilities + Equity

About This Question

This is Post Utme Futo 2021 Accounting Question 28. It is one of the objective questions from the 2021 Post Utme Futo Accounting examination.

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