Post Utme Mountain Top University 2023 Accounting Question 31

Practice objective / multiple choice question 31 from the 2023 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2023 Accounting Objective / Multiple Choice
Question 31 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's income statement shows the following balances: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. Prepare the company's balance sheet.

Answer Options

A. ₦200,000 in Accounts Payable and ₦300,000 in Sales Revenue
B. ₦500,000 in Sales Revenue and ₦300,000 in Cost of Goods Sold
Correct Answer C. ₦200,000 in Accounts Payable and ₦500,000 in Sales Revenue
D. ₦100,000 in Common Stock and ₦300,000 in Cost of Goods Sold
Correct Answer
C
Correct Option:
₦200,000 in Accounts Payable and ₦500,000 in Sales Revenue

About This Question

This is Post Utme Mountain Top University 2023 Accounting Question 31. It is one of the objective questions from the 2023 Post Utme Mountain Top University Accounting examination.

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