Post Utme Ims U 2017 Accounting Question 15

Practice objective / multiple choice question 15 from the 2017 Post Utme Ims U Accounting examination.

Post Utme Ims U 2017 Accounting Objective / Multiple Choice
Question 15 POST_UTME_IMS_U • 2017 • ACCOUNTING • objective

A government agency's financial statements show the following account balances: Revenue ₦100,000, Expenditure ₦80,000, Cash balance ₦50,000. Determine the correct journal entry to record the revenue.

Answer Options

Correct Answer A. Debit Revenue ₦100,000, Credit Cash ₦100,000
B. Debit Cash ₦100,000, Credit Revenue ₦100,000
C. Debit Revenue ₦100,000, Credit Expenditure ₦80,000
D. Debit Expenditure ₦80,000, Credit Revenue ₦100,000
Correct Answer
A
Correct Option:
Debit Revenue ₦100,000, Credit Cash ₦100,000

About This Question

This is Post Utme Ims U 2017 Accounting Question 15. It is one of the objective questions from the 2017 Post Utme Ims U Accounting examination.

View More Post Utme Ims U 2017 Accounting Questions More Post Utme Ims U Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support