Neco 2017 Financial Accounting Question 3

Practice objective / multiple choice question 3 from the 2017 Neco Financial Accounting examination.

Neco 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 3 NECO • 2017 • FINANCIAL_ACCOUNTING • objective

State the fundamental accounting equation and briefly describe what each component (Assets, Liabilities, and Owner's Equity) represents in a business.

Answer Options

A. Liabilities = Assets + Owner's Equity
B. Assets + Liabilities = Owner's Equity
Correct Answer C. Assets = Liabilities + Owner's Equity
D. Assets = Owner's Equity - Liabilities
Correct Answer
C
Correct Option:
Assets = Liabilities + Owner's Equity

About This Question

This is Neco 2017 Financial Accounting Question 3. It is one of the objective questions from the 2017 Neco Financial Accounting examination.

Difficulty level: Easy .

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