Post Utme Mountain Top University 2023 Accounting Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2023 Accounting Objective / Multiple Choice

Question 14 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • ACCOUNTING • objective

A company uses the self-balancing ledger system. The following transactions are recorded: Debit Sales ₦20,000, Credit Sales Returns and Allowances ₦5,000. What is the effect of this transaction on the accounting equation?

Answer Options

Correct Answer A. Increases Revenue and Decreases Expenses

B. Increases Expenses and Decreases Revenue

C. Increases Assets and Decreases Liabilities

D. Increases Liabilities and Decreases Assets

Correct Answer

Correct Option:

Increases Revenue and Decreases Expenses

About This Question

This is Post Utme Mountain Top University 2023 Accounting Question 14. It is one of the objective questions from the 2023 Post Utme Mountain Top University Accounting examination.

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