Post Utme Ims U 2018 Accounting Question 14

Practice objective / multiple choice question 14 from the 2018 Post Utme Ims U Accounting examination.

Post Utme Ims U 2018 Accounting Objective / Multiple Choice
Question 14 POST_UTME_IMS_U • 2018 • ACCOUNTING • objective

A company maintains incomplete records and uses the single-entry system. The company's cash book shows a balance of ₦80,000. What is the effect of this on the company's equity?

Answer Options

Correct Answer A. The company's equity increases by ₦80,000.
B. The company's equity decreases by ₦80,000.
C. The company's equity remains unchanged.
D. The company's equity increases by ₦40,000.
Correct Answer
A
Correct Option:
The company's equity increases by ₦80,000.

About This Question

This is Post Utme Ims U 2018 Accounting Question 14. It is one of the objective questions from the 2018 Post Utme Ims U Accounting examination.

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