Neco Model Questions Vol1 2017 Financial Accounting Question 4

Practice objective / multiple choice question 4 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 4 NECO_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A consulting firm performed services worth \(25,000\) Naira on 30 September. The client will pay on 15 October. Under the accrual basis of accounting, how should the transaction be recorded in September's books? State the journal entry.

Answer Options

A. Cash A\/c Dr 25,000; Service Revenue A\/c Cr 25,000
B. Accounts Receivable A\/c Dr 25,000; Service Revenue A\/c Dr 25,000
Correct Answer C. Accounts Receivable A/c Dr 25,000; Service Revenue A/c Cr 25,000
D. Accounts Receivable A\/c Dr 20,000; Service Revenue A\/c Cr 20,000
Correct Answer
C
Correct Option:
Accounts Receivable A/c Dr 25,000; Service Revenue A/c Cr 25,000

About This Question

This is Neco Model Questions Vol1 2017 Financial Accounting Question 4. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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