Post Utme Oau 2024 Accounting Question 17

Practice objective / multiple choice question 17 from the 2024 Post Utme Oau Accounting examination.

Post Utme Oau 2024 Accounting Objective / Multiple Choice
Question 17 POST_UTME_OAU • 2024 • ACCOUNTING • objective

A single entry system is used by a small business. The journal entries are as follows: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this entry on the accounting equation?

Answer Options

A. Increases Assets, Decreases Liabilities
B. Decreases Assets, Increases Liabilities
C. Increases Liabilities, Decreases Assets
Correct Answer D. No effect on the accounting equation
Correct Answer
D
Correct Option:
No effect on the accounting equation

About This Question

This is Post Utme Oau 2024 Accounting Question 17. It is one of the objective questions from the 2024 Post Utme Oau Accounting examination.

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