Neco 2019 Financial Accounting Question 35

Practice objective / multiple choice question 35 from the 2019 Neco Financial Accounting examination.

Neco 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 35 NECO • 2019 • FINANCIAL_ACCOUNTING • objective

Explain the dual‑aspect (double‑entry) principle of accounting and illustrate it with a simple transaction involving the purchase of equipment for cash.

Correct Answer A. Every transaction affects at least two accounts; e.g., Debit Equipment, Credit Cash for a cash purchase of equipment

B. A transaction may affect a single account; for example, Debit Equipment, Credit Cash for a cash purchase of equipment

C. Every transaction affects at least two accounts; e.g., Debit Equipment, Credit Accounts Payable for a cash purchase of equipment

D. Every transaction affects at least two accounts; e.g., Debit Cash, Credit Equipment for a cash purchase of equipment

Correct Answer

Correct Option:

Every transaction affects at least two accounts; e.g., Debit Equipment, Credit Cash for a cash purchase of equipment

This is Neco 2019 Financial Accounting Question 35. It is one of the objective questions from the 2019 Neco Financial Accounting examination.

Difficulty level: Easy .

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