Post Utme Lead City University 2020 Accounting Question 24

Practice objective / multiple choice question 24 from the 2020 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2020 Accounting Objective / Multiple Choice
Question 24 POST_UTME_LEAD_CITY_UNIVERSITY • 2020 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The company's records show a cash receipt of ₦120,000. What is the effect of this transaction on the company's net income?

Answer Options

Correct Answer A. Increase net income by ₦120,000
B. Decrease net income by ₦120,000
C. No effect on net income
D. Increase net income by ₦60,000
Correct Answer
A
Correct Option:
Increase net income by ₦120,000

About This Question

This is Post Utme Lead City University 2020 Accounting Question 24. It is one of the objective questions from the 2020 Post Utme Lead City University Accounting examination.

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