Neco Model Questions Vol1 2024 Financial Accounting Question 26

Practice objective / multiple choice question 26 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 26 NECO_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

State the effect of the transaction "Purchased equipment for cash worth ₦(50,000)" on the fundamental accounting equation. Indicate the change (increase, decrease or no change) in Assets, Liabilities and Owner's Equity.

Answer Options

Correct Answer A. Assets - no change; Liabilities - no change; Owner's Equity - no change
B. Assets - decrease; Liabilities - increase; Owner's Equity - no change
C. Assets - increase; Liabilities - no change; Owner's Equity - decrease
D. Assets - no change; Liabilities - increase; Owner's Equity - decrease
Correct Answer
A
Correct Option:
Assets - no change; Liabilities - no change; Owner's Equity - no change

About This Question

This is Neco Model Questions Vol1 2024 Financial Accounting Question 26. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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