Post Utme Igbinedion University 2019 Accounting Question 24

Practice objective / multiple choice question 24 from the 2019 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2019 Accounting Objective / Multiple Choice
Question 24 POST_UTME_IGBINEDION_UNIVERSITY • 2019 • ACCOUNTING • objective

A company uses the double entry system of accounting. The following transactions are recorded: Debit Purchase of Assets ₦50,000, Credit Purchase of Assets ₦50,000. What is the effect of this transaction on the company's assets?

Answer Options

A. The company's assets increase by ₦50,000.
B. The company's assets decrease by ₦50,000.
Correct Answer C. The company's assets remain unchanged.
D. The company's assets increase by ₦100,000.
Correct Answer
C
Correct Option:
The company's assets remain unchanged.

About This Question

This is Post Utme Igbinedion University 2019 Accounting Question 24. It is one of the objective questions from the 2019 Post Utme Igbinedion University Accounting examination.

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