Neco 2022 Financial Accounting Question 19

Practice objective / multiple choice question 19 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 19 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

The owner withdraws \(30,000\) cash for personal use. State the effect of this transaction on the accounting equation (Assets = Liabilities + Owner's Equity).

Answer Options

A. Assets -30,000; Liabilities -30,000; Owner's Equity unchanged
B. Assets -30,000; Liabilities unchanged; Owner's Equity unchanged
C. Assets unchanged; Liabilities unchanged; Owner's Equity -30,000
Correct Answer D. Assets -30,000; Liabilities unchanged; Owner's Equity -30,000
Correct Answer
D
Correct Option:
Assets -30,000; Liabilities unchanged; Owner's Equity -30,000

About This Question

This is Neco 2022 Financial Accounting Question 19. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Easy .

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