Post Utme Ui 2022 Accounting Question 19

Practice objective / multiple choice question 19 from the 2022 Post Utme Ui Accounting examination.

Post Utme Ui 2022 Accounting Objective / Multiple Choice
Question 19 POST_UTME_UI • 2022 • ACCOUNTING • objective

A company's balance sheet as at 31st December 2022 shows an increase in the value of its inventory by ₦800,000. The increase was due to the acquisition of new stock. Prepare the necessary journal entry to record the increase in value.

Answer Options

A. ₦800,000 debit to Inventory
B. ₦800,000 credit to Inventory
Correct Answer C. ₦800,000 debit to Inventory and ₦800,000 credit to Purchases
D. ₦800,000 credit to Inventory and ₦800,000 debit to Sales
Correct Answer
C
Correct Option:
₦800,000 debit to Inventory and ₦800,000 credit to Purchases

About This Question

This is Post Utme Ui 2022 Accounting Question 19. It is one of the objective questions from the 2022 Post Utme Ui Accounting examination.

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