Post Utme Unilag 2024 Accounting Question 15

Practice objective / multiple choice question 15 from the 2024 Post Utme Unilag Accounting examination.

Post Utme Unilag 2024 Accounting Objective / Multiple Choice
Question 15 POST_UTME_UNILAG • 2024 • ACCOUNTING • objective

A company uses the self-balancing ledger system. If it purchases office equipment for ₦120,000 cash, what is the effect on the ledger accounts?

Answer Options

A. Assets increase by ₦120,000 and equity increases by ₦120,000
Correct Answer B. Assets increase by ₦120,000 and equity decreases by ₦120,000
C. Assets decrease by ₦120,000 and equity increases by ₦120,000
D. Assets decrease by ₦120,000 and equity decreases by ₦120,000
Correct Answer
B
Correct Option:
Assets increase by ₦120,000 and equity decreases by ₦120,000

About This Question

This is Post Utme Unilag 2024 Accounting Question 15. It is one of the objective questions from the 2024 Post Utme Unilag Accounting examination.

View More Post Utme Unilag 2024 Accounting Questions More Post Utme Unilag 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