Post Utme Wellspring University 2021 Accounting Question 31

Practice objective / multiple choice question 31 from the 2021 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2021 Accounting Objective / Multiple Choice
Question 31 POST_UTME_WELLSPRING_UNIVERSITY • 2021 • ACCOUNTING • objective

A company uses the double-entry system to record transactions. If the company purchases office supplies for ₦10,000, 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 2021 Accounting Question 31. It is one of the objective questions from the 2021 Post Utme Wellspring University Accounting examination.

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