Post Utme Uniben 2022 Accounting Question 24

Practice objective / multiple choice question 24 from the 2022 Post Utme Uniben Accounting examination.

Post Utme Uniben 2022 Accounting Objective / Multiple Choice
Question 24 POST_UTME_UNIBEN • 2022 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit: Raw Materials ₦ 10,000, Work-in-Progress ₦ 20,000, Factory Overheads ₦ 15,000 Credit: Purchases ₦ 30,000, Wages ₦ 25,000, Rent ₦ 10,000 What is the accounting equation after these transactions?

Answer Options

Correct Answer A. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 0
B. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 75,000
C. Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 100,000
D. Assets = ₦ 100,000, Liabilities = ₦ 0, Equity = ₦ 75,000
Correct Answer
A
Correct Option:
Assets = ₦ 75,000, Liabilities = ₦ 0, Equity = ₦ 0

About This Question

This is Post Utme Uniben 2022 Accounting Question 24. It is one of the objective questions from the 2022 Post Utme Uniben Accounting examination.

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