Post Utme Uniport 2020 Accounting Question 13

Practice objective / multiple choice question 13 from the 2020 Post Utme Uniport Accounting examination.

Post Utme Uniport 2020 Accounting Objective / Multiple Choice
Question 13 POST_UTME_UNIPORT • 2020 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000, what is the journal entry to record the transaction?

Answer Options

Correct Answer A. Debit Asset A/c ₦100,000, Credit Cash A/c ₦100,000
B. Debit Cash A/c ₦100,000, Credit Asset A/c ₦100,000
C. Debit Asset A/c ₦100,000, Credit Bank A/c ₦100,000
D. Debit Bank A/c ₦100,000, Credit Asset A/c ₦100,000
Correct Answer
A
Correct Option:
Debit Asset A/c ₦100,000, Credit Cash A/c ₦100,000

About This Question

This is Post Utme Uniport 2020 Accounting Question 13. It is one of the objective questions from the 2020 Post Utme Uniport Accounting examination.

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