Neco 2020 Financial Accounting Question 37

Practice objective / multiple choice question 37 from the 2020 Neco Financial Accounting examination.

Neco 2020 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 37 NECO • 2020 • FINANCIAL_ACCOUNTING • objective

A company receives a cash loan of \(\text{₦}200,000\) from a bank. Identify the accounts affected and state whether each account is increased or decreased.

Answer Options

A. Cash - decreased; Bank Loan - increased
B. Cash - decreased; Bank Loan - decreased
Correct Answer C. Cash - increased; Bank Loan - increased
D. Cash - increased; Bank Loan - decreased
Correct Answer
C
Correct Option:
Cash - increased; Bank Loan - increased

About This Question

This is Neco 2020 Financial Accounting Question 37. It is one of the objective questions from the 2020 Neco Financial Accounting examination.

Difficulty level: Easy .

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