Post Utme Rsu 2023 Accounting Question 39

Practice objective / multiple choice question 39 from the 2023 Post Utme Rsu Accounting examination.

Post Utme Rsu 2023 Accounting Objective / Multiple Choice
Question 39 POST_UTME_RSU • 2023 • ACCOUNTING • objective

A company uses the double-entry system of accounting to record its financial transactions. The company's journal entry for the purchase of an asset is:

Answer Options

Correct Answer A. Debit Asset Account ₦500,000; Credit Cash Account ₦500,000
B. Debit Cash Account ₦500,000; Credit Asset Account ₦500,000
C. Debit Asset Account ₦500,000; Credit Bank Account ₦500,000
D. Debit Bank Account ₦500,000; Credit Asset Account ₦500,000
Correct Answer
A
Correct Option:
Debit Asset Account ₦500,000; Credit Cash Account ₦500,000

About This Question

This is Post Utme Rsu 2023 Accounting Question 39. It is one of the objective questions from the 2023 Post Utme Rsu Accounting examination.

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