Post Utme Summit University 2022 Accounting Question 35

Practice objective / multiple choice question 35 from the 2022 Post Utme Summit University Accounting examination.

Post Utme Summit University 2022 Accounting Objective / Multiple Choice
Question 35 POST_UTME_SUMMIT_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's financial statements are prepared using the cash basis of accounting. The company has a revenue of ₦1,000,000 that is received within 3 months. What is the correct accounting treatment for this revenue?

Answer Options

A. Debit the revenue and credit the asset
B. Credit the revenue and debit the expense
C. Debit the revenue and credit the liability
Correct Answer D. Credit the revenue and debit the asset
Correct Answer
D
Correct Option:
Credit the revenue and debit the asset

About This Question

This is Post Utme Summit University 2022 Accounting Question 35. It is one of the objective questions from the 2022 Post Utme Summit University Accounting examination.

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