Gce Model Questions Vol1 2017 Financial Accounting Question 43

Practice objective / multiple choice question 43 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 43 GCE_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A business purchases inventory on credit for ₦15,000. State which accounts are affected and indicate whether each increases or decreases, and by how much.

Answer Options

A. Inventory ↑ ₦15,000; Accounts Payable ↓ ₦15,000
B. Inventory ↑ ₦15,000; Cash ↑ ₦15,000
C. Inventory ↓ ₦15,000; Accounts Payable ↑ ₦15,000
Correct Answer D. Inventory ↑ ₦15,000; Accounts Payable ↑ ₦15,000
Correct Answer
D
Correct Option:
Inventory ↑ ₦15,000; Accounts Payable ↑ ₦15,000

About This Question

This is Gce Model Questions Vol1 2017 Financial Accounting Question 43. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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