Post Utme Lasu 2024 Accounting Question 15

Practice objective / multiple choice question 15 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 15 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company prepares a balance sheet. If the total assets are ₦1,000,000 and the total liabilities are ₦500,000, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦500,000, Liabilities increase by ₦500,000
Correct Answer B. Assets increase by ₦500,000, Equity increases by ₦500,000
C. Assets decrease by ₦500,000, Liabilities decrease by ₦500,000
D. Assets decrease by ₦500,000, Liabilities increase by ₦500,000
Correct Answer
B
Correct Option:
Assets increase by ₦500,000, Equity increases by ₦500,000

About This Question

This is Post Utme Lasu 2024 Accounting Question 15. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

View More Post Utme Lasu 2024 Accounting Questions More Post Utme Lasu Practice Questions Back to Questions

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