Post Utme Ui 2022 Accounting Question 9

Practice objective / multiple choice question 9 from the 2022 Post Utme Ui Accounting examination.

Post Utme Ui 2022 Accounting Objective / Multiple Choice
Question 9 POST_UTME_UI • 2022 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The following transactions are recorded: Debit Sales ₦20,000, Credit Purchases ₦15,000. What is the effect of this transaction on the accounting equation?

Answer Options

A. Increases assets and decreases liabilities
Correct Answer B. Decreases assets and increases liabilities
C. Increases liabilities and decreases equity
D. Increases equity and decreases assets
Correct Answer
B
Correct Option:
Decreases assets and increases liabilities

About This Question

This is Post Utme Ui 2022 Accounting Question 9. It is one of the objective questions from the 2022 Post Utme Ui Accounting examination.

View More Post Utme Ui 2022 Accounting Questions More Post Utme Ui Practice Questions Back to Questions

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