Post Utme Lasu 2024 Accounting Question 12

Practice objective / multiple choice question 12 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 12 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A government agency uses the public sector accounting system to record transactions. If a grant of ₦1,000,000 is received from the government, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦1,000,000, Liabilities decrease by ₦1,000,000
Correct Answer B. Assets increase by ₦1,000,000, Equity increases by ₦1,000,000
C. Assets decrease by ₦1,000,000, Liabilities increase by ₦1,000,000
D. Assets increase by ₦1,000,000, Liabilities increase by ₦1,000,000
Correct Answer
B
Correct Option:
Assets increase by ₦1,000,000, Equity increases by ₦1,000,000

About This Question

This is Post Utme Lasu 2024 Accounting Question 12. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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