Neco 2021 Financial Accounting Question 43

Practice objective / multiple choice question 43 from the 2021 Neco Financial Accounting examination.

Neco 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 43 NECO • 2021 • FINANCIAL_ACCOUNTING • objective

A business bought equipment for N50,000 cash. Record the journal entry using double‑entry bookkeeping.

Answer Options

A. Debit Cash N50,000; Credit Equipment N50,000
B. Debit Equipment N50,000; Credit Accounts Payable N50,000
C. Debit Equipment N45,000; Credit Cash N45,000
Correct Answer D. Debit Equipment N50,000; Credit Cash N50,000
Correct Answer
D
Correct Option:
Debit Equipment N50,000; Credit Cash N50,000

About This Question

This is Neco 2021 Financial Accounting Question 43. It is one of the objective questions from the 2021 Neco Financial Accounting examination.

Difficulty level: Easy .

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