Neco 2022 Financial Accounting Question 42

Practice objective / multiple choice question 42 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 42 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

A trader recorded the following transactions during the month:\n1. Sold goods for cash ₦120,000.\n2. Purchased inventory on credit ₦85,000.\n3. Paid cash for utility expenses ₦12,000.\n4. Received cash from a debtor ₦45,000.\nIdentify the original entry book (Cash Book, Purchase Journal, Sales Journal, or General Journal) in which each transaction should be initially recorded.

Answer Options

A. 1. Sales Journal; 2. Purchase Journal; 3. Cash Book; 4. Cash Book
Correct Answer B. 1. Cash Book; 2. Purchase Journal; 3. Cash Book; 4. Cash Book
C. 1. Cash Book; 2. Sales Journal; 3. Cash Book; 4. Cash Book
D. 1. Cash Book; 2. Purchase Journal; 3. General Journal; 4. Cash Book
Correct Answer
B
Correct Option:
1. Cash Book; 2. Purchase Journal; 3. Cash Book; 4. Cash Book

About This Question

This is Neco 2022 Financial Accounting Question 42. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Medium .

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