Post Utme Ims U 2021 Accounting Question 30

Practice objective / multiple choice question 30 from the 2021 Post Utme Ims U Accounting examination.

Post Utme Ims U 2021 Accounting Objective / Multiple Choice
Question 30 POST_UTME_IMS_U • 2021 • ACCOUNTING • objective

A government agency has the following transactions: Debit: ₦500,000, Credit: ₦600,000. What is the net effect of this transaction on the government agency's financial position?

Answer Options

A. Increase in financial position by ₦100,000
Correct Answer B. Decrease in financial position by ₦100,000
C. No effect on financial position
D. Increase in financial position by ₦100,000 and decrease in financial position by ₦100,000
Correct Answer
B
Correct Option:
Decrease in financial position by ₦100,000

About This Question

This is Post Utme Ims U 2021 Accounting Question 30. It is one of the objective questions from the 2021 Post Utme Ims U Accounting examination.

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