Post Utme Veritas University 2022 Accounting Question 10

Practice objective / multiple choice question 10 from the 2022 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2022 Accounting Objective / Multiple Choice
Question 10 POST_UTME_VERITAS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company debits an account for ₦15,000 and credits another account for ₦20,000, what is the net effect on the company's accounting equation?

Answer Options

A. Increases Assets, Increases Liabilities
B. Increases Assets, Decreases Liabilities
Correct Answer C. Increases Liabilities, Decreases Assets
D. Increases Equity, Decreases Liabilities
Correct Answer
C
Correct Option:
Increases Liabilities, Decreases Assets

About This Question

This is Post Utme Veritas University 2022 Accounting Question 10. It is one of the objective questions from the 2022 Post Utme Veritas University Accounting examination.

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