Post Utme Lasu 2024 Accounting Question 11

Practice objective / multiple choice question 11 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 11 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company uses the double entry system to record transactions. If a customer pays ₦500 for goods worth ₦600, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦500, Liabilities decrease by ₦500
B. Assets increase by ₦600, Liabilities decrease by ₦600
Correct Answer C. Assets increase by ₦500, Equity increases by ₦500
D. Assets decrease by ₦500, Liabilities increase by ₦500
Correct Answer
C
Correct Option:
Assets increase by ₦500, Equity increases by ₦500

About This Question

This is Post Utme Lasu 2024 Accounting Question 11. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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