Post Utme Veritas University 2021 Accounting Question 26

Practice objective / multiple choice question 26 from the 2021 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2021 Accounting Objective / Multiple Choice
Question 26 POST_UTME_VERITAS_UNIVERSITY • 2021 • ACCOUNTING • objective

A company uses the double-entry system to record its transactions. If the company purchases office supplies for ₦10,000 cash, what would be the effect on the accounting equation?

Answer Options

A. Assets increase, Liabilities increase
Correct Answer B. Assets increase, Liabilities decrease
C. Assets decrease, Liabilities increase
D. Assets decrease, Liabilities decrease
Correct Answer
B
Correct Option:
Assets increase, Liabilities decrease

About This Question

This is Post Utme Veritas University 2021 Accounting Question 26. It is one of the objective questions from the 2021 Post Utme Veritas University Accounting examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support