Post Utme Rsu 2019 Accounting Question 14

Practice objective / multiple choice question 14 from the 2019 Post Utme Rsu Accounting examination.

Post Utme Rsu 2019 Accounting Objective / Multiple Choice

Question 14 POST_UTME_RSU • 2019 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If a customer pays ₦10,000 cash for goods sold, what is the effect on the accounting equation?

A. Assets increase by ₦10,000 and liabilities decrease by ₦10,000.

B. Assets decrease by ₦10,000 and liabilities increase by ₦10,000.

Correct Answer C. Assets increase by ₦10,000 and equity increases by ₦10,000.

D. Assets decrease by ₦10,000 and equity decreases by ₦10,000.

Correct Answer

Correct Option:

Assets increase by ₦10,000 and equity increases by ₦10,000.

This is Post Utme Rsu 2019 Accounting Question 14. It is one of the objective questions from the 2019 Post Utme Rsu Accounting examination.

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