Post Utme Madonna University 2024 Accounting Question 11

Practice objective / multiple choice question 11 from the 2024 Post Utme Madonna University Accounting examination.

Post Utme Madonna University 2024 Accounting Objective / Multiple Choice
Question 11 POST_UTME_MADONNA_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the double-entry system to record transactions. If the company purchases office supplies for ₦10,000, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦10,000 and Liabilities decrease by ₦10,000
Correct Answer B. Assets increase by ₦10,000 and Equity increases by ₦10,000
C. Assets decrease by ₦10,000 and Liabilities increase by ₦10,000
D. Assets decrease by ₦10,000 and Equity decreases by ₦10,000
Correct Answer
B
Correct Option:
Assets increase by ₦10,000 and Equity increases by ₦10,000

About This Question

This is Post Utme Madonna University 2024 Accounting Question 11. It is one of the objective questions from the 2024 Post Utme Madonna University Accounting examination.

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