Post Utme Greenfield University 2023 Accounting Question 5

Practice objective / multiple choice question 5 from the 2023 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2023 Accounting Objective / Multiple Choice
Question 5 POST_UTME_GREENFIELD_UNIVERSITY • 2023 • ACCOUNTING • objective

A government agency has a budget of ₦100,000 for the year. The agency has the following expenses: Salaries ₦30,000, Rent ₦20,000, and Travel ₦10,000. What is the correct journal entry to record the agency's expenses?

Answer Options

A. Debit Salaries ₦30,000, Rent ₦20,000, Travel ₦10,000, Credit Budget ₦60,000
Correct Answer B. Debit Budget ₦100,000, Credit Salaries ₦30,000, Rent ₦20,000, Travel ₦10,000
C. Debit Salaries ₦30,000, Rent ₦20,000, Travel ₦10,000, Credit Budget ₦40,000
D. Debit Budget ₦100,000, Credit Salaries ₦30,000, Rent ₦20,000, Travel ₦10,000
Correct Answer
B
Correct Option:
Debit Budget ₦100,000, Credit Salaries ₦30,000, Rent ₦20,000, Travel ₦10,000

About This Question

This is Post Utme Greenfield University 2023 Accounting Question 5. It is one of the objective questions from the 2023 Post Utme Greenfield University Accounting examination.

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