Post Utme Ims U 2018 Accounting Question 17

Practice objective / multiple choice question 17 from the 2018 Post Utme Ims U Accounting examination.

Post Utme Ims U 2018 Accounting Objective / Multiple Choice
Question 17 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 ₦60,000. What is the effect of this on the company's equity?

Answer Options

Correct Answer A. The company's equity increases by ₦60,000.
B. The company's equity decreases by ₦60,000.
C. The company's equity remains unchanged.
D. The company's equity increases by ₦30,000.
Correct Answer
A
Correct Option:
The company's equity increases by ₦60,000.

About This Question

This is Post Utme Ims U 2018 Accounting Question 17. It is one of the objective questions from the 2018 Post Utme Ims U Accounting examination.

View More Post Utme Ims U 2018 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