Post Utme Lasu 2024 Accounting Question 16

Practice objective / multiple choice question 16 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice

Question 16 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company uses a self-balancing ledger to record transactions. If a customer pays ₦500 for goods worth ₦600, what is the effect on the accounting equation?

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

Correct Option:

Assets increase by ₦500, Equity increases by ₦500

This is Post Utme Lasu 2024 Accounting Question 16. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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