Post Utme Veritas University 2022 Accounting Question 32

Practice objective / multiple choice question 32 from the 2022 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2022 Accounting Objective / Multiple Choice
Question 32 POST_UTME_VERITAS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company has the following ledger balances as at December 31, 2022: Cash ₦500,000; Accounts Payable ₦200,000; Common Stock ₦1,000,000. Prepare the income statement for the company.

Answer Options

Correct Answer A. Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Net Income ₦500,000
B. Revenue ₦500,000, Cost of Goods Sold ₦1,000,000, Net Income ₦-500,000
C. Revenue ₦1,000,000, Cost of Goods Sold ₦1,000,000, Net Income ₦0
D. Revenue ₦500,000, Cost of Goods Sold ₦500,000, Net Income ₦0
Correct Answer
A
Correct Option:
Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Net Income ₦500,000

About This Question

This is Post Utme Veritas University 2022 Accounting Question 32. It is one of the objective questions from the 2022 Post Utme Veritas University Accounting examination.

View More Post Utme Veritas University 2022 Accounting Questions More Post Utme Veritas University Practice Questions Back to Questions

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