Post Utme Redeemers University 2023 Accounting Question 38

Practice objective / multiple choice question 38 from the 2023 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2023 Accounting Objective / Multiple Choice
Question 38 POST_UTME_REDEEMERS_UNIVERSITY • 2023 • ACCOUNTING • objective

A company uses the self-balancing ledger system to record transactions. The following ledger account is available: Debit 1,000, Credit 1,000. What is the effect of this transaction on the accounting equation?

Answer Options

A. Increases assets and liabilities
B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
Correct Answer D. Increases assets and decreases liabilities
Correct Answer
D
Correct Option:
Increases assets and decreases liabilities

About This Question

This is Post Utme Redeemers University 2023 Accounting Question 38. It is one of the objective questions from the 2023 Post Utme Redeemers University Accounting examination.

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