Post Utme Uniosun 2020 Accounting Question 3
Practice objective / multiple choice question 3 from the 2020 Post Utme Uniosun Accounting examination.
A company has the following ledger balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company uses the accrual basis of accounting. Prepare the company's income statement for the year ended 31st December, 2020.
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About This Question
This is Post Utme Uniosun 2020 Accounting Question 3. It is one of the objective questions from the 2020 Post Utme Uniosun Accounting examination.
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