Post Utme Lasu 2024 Accounting Question 14

Practice objective / multiple choice question 14 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 14 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company prepares a trading account. If the cost of goods sold is ₦500,000 and the sales revenue is ₦600,000, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦100,000, Liabilities decrease by ₦100,000
Correct Answer B. Assets increase by ₦100,000, Equity increases by ₦100,000
C. Assets decrease by ₦100,000, Liabilities increase by ₦100,000
D. Assets decrease by ₦100,000, Liabilities decrease by ₦100,000
Correct Answer
B
Correct Option:
Assets increase by ₦100,000, Equity increases by ₦100,000

About This Question

This is Post Utme Lasu 2024 Accounting Question 14. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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