Neco 2023 Financial Accounting Question 31

Practice objective / multiple choice question 31 from the 2023 Neco Financial Accounting examination.

Neco 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 31 NECO • 2023 • FINANCIAL_ACCOUNTING • objective

A business purchases equipment for cash costing ₦150,000. State how this transaction affects the accounting equation \( \text{Assets} = \text{Liabilities} + \text{Owner's Equity} \).

A. Assets unchanged; Liabilities increase; Owner's Equity decrease

Correct Answer B. Assets unchanged; Liabilities unchanged; Owner's Equity unchanged

C. Assets decrease; Liabilities increase; Owner's Equity unchanged

D. Assets increase; Liabilities unchanged; Owner's Equity decrease

Correct Answer

Correct Option:

Assets unchanged; Liabilities unchanged; Owner's Equity unchanged

This is Neco 2023 Financial Accounting Question 31. It is one of the objective questions from the 2023 Neco Financial Accounting examination.

Difficulty level: Easy .

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