Post Utme Rhema University 2018 Accounting Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2018 Accounting Objective / Multiple Choice
Question 1 POST_UTME_RHEMA_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦50,000 in the account 'Rent Received' and a debit balance of ₦30,000 in the account 'Rent Paid'. What is the net effect on the company's profit?

Answer Options

A. ₦20,000 increase in profit
Correct Answer B. ₦20,000 decrease in profit
C. ₦50,000 increase in profit
D. ₦30,000 increase in profit
Correct Answer
B
Correct Option:
₦20,000 decrease in profit

About This Question

This is Post Utme Rhema University 2018 Accounting Question 1. It is one of the objective questions from the 2018 Post Utme Rhema University Accounting examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support