Post Utme Wellspring University 2017 Accounting Question 1

Practice objective / multiple choice question 1 from the 2017 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2017 Accounting Objective / Multiple Choice
Question 1 POST_UTME_WELLSPRING_UNIVERSITY • 2017 • ACCOUNTING • objective

A company uses the double-entry system to record its transactions. If the company purchases office supplies for ₦10,000 cash, what is 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 Wellspring University 2017 Accounting Question 1. It is one of the objective questions from the 2017 Post Utme Wellspring University Accounting examination.

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