Post Utme Pan Atlantic University 2021 Accounting Question 5

Practice objective / multiple choice question 5 from the 2021 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2021 Accounting Objective / Multiple Choice
Question 5 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2021 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The following information is available for the year ended 31 December 2020: Sales Revenue 200,000, Cost of Goods Sold 100,000, Operating Expenses 50,000, Net Income 50,000. Prepare a balance sheet as at 31 December 2020.

Answer Options

Correct Answer A. Assets 150,000, Liabilities 50,000, Equity 100,000
B. Assets 160,000, Liabilities 60,000, Equity 100,000
C. Assets 170,000, Liabilities 70,000, Equity 100,000
D. Assets 180,000, Liabilities 80,000, Equity 100,000
Correct Answer
A
Correct Option:
Assets 150,000, Liabilities 50,000, Equity 100,000

About This Question

This is Post Utme Pan Atlantic University 2021 Accounting Question 5. It is one of the objective questions from the 2021 Post Utme Pan Atlantic University Accounting examination.

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