Post Utme Uniosun 2023 Accounting Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2023 Accounting Objective / Multiple Choice

Question 14 POST_UTME_UNIOSUN • 2023 • ACCOUNTING • objective

A company has the following journal entry: Debit: Accounts Payable 5,000, Credit: Sales Revenue 5,000. What is the effect of this transaction on the accounting equation?

Answer Options

A. Increases assets and decreases liabilities

Correct Answer B. Increases liabilities and decreases assets

C. Increases equity and decreases liabilities

D. Increases assets and decreases equity

Correct Answer

Correct Option:

Increases liabilities and decreases assets

About This Question

This is Post Utme Uniosun 2023 Accounting Question 14. It is one of the objective questions from the 2023 Post Utme Uniosun Accounting examination.

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