Post Utme Veritas University 2019 Accounting Question 27

Practice objective / multiple choice question 27 from the 2019 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2019 Accounting Objective / Multiple Choice
Question 27 POST_UTME_VERITAS_UNIVERSITY • 2019 • ACCOUNTING • objective

A company has a public sector accounting system. The journal entry to record the receipt of government grant of ₦100,000 is:

Answer Options

Correct Answer A. Debit Government Grant 100,000, Credit Cash 100,000
B. Debit Cash 100,000, Credit Government Grant 100,000
C. Debit Government Grant 100,000, Credit Bank 100,000
D. Debit Bank 100,000, Credit Government Grant 100,000
Correct Answer
A
Correct Option:
Debit Government Grant 100,000, Credit Cash 100,000

About This Question

This is Post Utme Veritas University 2019 Accounting Question 27. It is one of the objective questions from the 2019 Post Utme Veritas University Accounting examination.

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