Post Utme Unilag 2019 Accounting Question 20

Practice objective / multiple choice question 20 from the 2019 Post Utme Unilag Accounting examination.

Post Utme Unilag 2019 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UNILAG • 2019 • ACCOUNTING • objective

A company uses the control account system. The company's control account for the year ended 31st December 2022 is as follows: Debit: ₦300,000; Credit: ₦300,000 What is the effect of this control account on the company's financial position?

Answer Options

A. The company's assets will decrease by ₦300,000.
B. The company's liabilities will increase by ₦300,000.
C. The company's equity will decrease by ₦300,000.
Correct Answer D. The company's assets will increase by ₦300,000.
Correct Answer
D
Correct Option:
The company's assets will increase by ₦300,000.

About This Question

This is Post Utme Unilag 2019 Accounting Question 20. It is one of the objective questions from the 2019 Post Utme Unilag Accounting examination.

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