Post Utme Futo 2023 Accounting Question 30

Practice objective / multiple choice question 30 from the 2023 Post Utme Futo Accounting examination.

Post Utme Futo 2023 Accounting Objective / Multiple Choice

Question 30 POST_UTME_FUTO • 2023 • ACCOUNTING • objective

A company's balance sheet shows the following balances: Assets ₦ 200,000, Liabilities ₦ 100,000, Equity ₦ 100,000. Prepare the company's income statement.

A. Revenue ₦ 150,000, Cost of Goods Sold ₦ 50,000, Gross Profit ₦ 100,000

B. Revenue ₦ 100,000, Cost of Goods Sold ₦ 50,000, Gross Profit ₦ 50,000

Correct Answer C. Revenue ₦ 150,000, Cost of Goods Sold ₦ 50,000, Gross Profit ₦ 100,000

D. Revenue ₦ 100,000, Cost of Goods Sold ₦ 50,000, Gross Profit ₦ 50,000

Correct Answer

Correct Option:

Revenue ₦ 150,000, Cost of Goods Sold ₦ 50,000, Gross Profit ₦ 100,000

This is Post Utme Futo 2023 Accounting Question 30. It is one of the objective questions from the 2023 Post Utme Futo Accounting examination.

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