Post Utme Futo 2024 Accounting Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Futo Accounting examination.

Post Utme Futo 2024 Accounting Objective / Multiple Choice
Question 6 POST_UTME_FUTO • 2024 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company's assets increase by ₦50,000 and its liabilities decrease by ₦30,000, what is the effect on the company's equity?

Answer Options

Correct Answer A. ₦20,000 increase
B. ₦20,000 decrease
C. ₦50,000 increase
D. ₦30,000 increase
Correct Answer
A
Correct Option:
₦20,000 increase

About This Question

This is Post Utme Futo 2024 Accounting Question 6. It is one of the objective questions from the 2024 Post Utme Futo Accounting examination.

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