Post Utme Noun 2024 Accounting Question 3

Practice objective / multiple choice question 3 from the 2024 Post Utme Noun Accounting examination.

Post Utme Noun 2024 Accounting Objective / Multiple Choice
Question 3 POST_UTME_NOUN • 2024 • ACCOUNTING • objective

A government agency uses the public sector accounting system to record its financial transactions. The agency has the following transactions: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000. What is the effect of this transaction on the agency's financial position?

Answer Options

Correct Answer A. The agency's assets increase by ₦20,000.
B. The agency's liabilities increase by ₦20,000.
C. The agency's equity increases by ₦20,000.
D. The agency's assets decrease by ₦20,000.
Correct Answer
A
Correct Option:
The agency's assets increase by ₦20,000.

About This Question

This is Post Utme Noun 2024 Accounting Question 3. It is one of the objective questions from the 2024 Post Utme Noun Accounting examination.

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