Post Utme Wellspring University 2024 Accounting Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2024 Accounting Objective / Multiple Choice
Question 21 POST_UTME_WELLSPRING_UNIVERSITY • 2024 • ACCOUNTING • objective

In a single entry system, a business records a transaction by debiting the cash account and crediting the sales account. What is the effect of this transaction on the accounting equation?

Answer Options

A. Increases assets and equity
B. Decreases assets and equity
C. Increases assets but decreases equity
Correct Answer D. Decreases assets but increases equity
Correct Answer
D
Correct Option:
Decreases assets but increases equity

About This Question

This is Post Utme Wellspring University 2024 Accounting Question 21. It is one of the objective questions from the 2024 Post Utme Wellspring University Accounting examination.

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