Post Utme Uniosun 2022 Accounting Question 32

Practice objective / multiple choice question 32 from the 2022 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2022 Accounting Objective / Multiple Choice
Question 32 POST_UTME_UNIOSUN • 2022 • ACCOUNTING • objective

A company uses the single-entry system of accounting. If a customer pays ₦50,000 for goods sold, what is the effect on the accounting equation?

Answer Options

A. Assets increase by ₦50,000 and Liabilities decrease by ₦50,000
Correct Answer B. Assets increase by ₦50,000 and Equity increases by ₦50,000
C. Assets decrease by ₦50,000 and Liabilities increase by ₦50,000
D. Assets decrease by ₦50,000 and Equity decreases by ₦50,000
Correct Answer
B
Correct Option:
Assets increase by ₦50,000 and Equity increases by ₦50,000

About This Question

This is Post Utme Uniosun 2022 Accounting Question 32. It is one of the objective questions from the 2022 Post Utme Uniosun Accounting examination.

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