Post Utme Ims U 2024 Accounting Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Ims U Accounting examination.

Post Utme Ims U 2024 Accounting Objective / Multiple Choice
Question 31 POST_UTME_IMS_U • 2024 • ACCOUNTING • objective

A company prepares a trial balance as of December 31. The following accounts are listed: Accounts Receivable 10,000, Accounts Payable 5,000, Sales Revenue 50,000, Cost of Goods Sold 30,000. What is the net income for the year?

Answer Options

A. 20,000
B. 25,000
Correct Answer C. 30,000
D. 35,000
Correct Answer
C
Correct Option:
30,000

About This Question

This is Post Utme Ims U 2024 Accounting Question 31. It is one of the objective questions from the 2024 Post Utme Ims U Accounting examination.

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