Gce Model Questions Vol1 2019 Financial Accounting Question 6

Practice objective / multiple choice question 6 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 6 GCE_MODEL_QUESTIONS_VOL1 • 2019 • FINANCIAL_ACCOUNTING • objective

A business purchases equipment for cash costing \(\text{₦}45,000\). What is the overall effect of this transaction on the accounting equation (Assets, Liabilities, Equity)?

Answer Options

A. Assets unchanged, Liabilities increase, Equity unchanged
B. Assets increase, Liabilities unchanged, Equity unchanged
Correct Answer C. Assets unchanged, Liabilities unchanged, Equity unchanged
D. Assets unchanged, Liabilities unchanged, Equity decrease
Correct Answer
C
Correct Option:
Assets unchanged, Liabilities unchanged, Equity unchanged

About This Question

This is Gce Model Questions Vol1 2019 Financial Accounting Question 6. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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