Neco Model Questions Vol1 2024 Financial Accounting Question 36

Practice objective / multiple choice question 36 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 36 NECO_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A company purchases equipment for \(500,000\) Naira cash. Explain the effect of this transaction on the accounting equation.

Answer Options

Correct Answer A. Assets unchanged, Liabilities unchanged, Owner's equity unchanged
B. Assets unchanged, Liabilities increase, Owner's equity unchanged
C. Assets increase, Liabilities unchanged, Owner's equity unchanged
D. Assets unchanged, Liabilities unchanged, Owner's equity decrease
Correct Answer
A
Correct Option:
Assets unchanged, Liabilities unchanged, Owner's equity unchanged

About This Question

This is Neco Model Questions Vol1 2024 Financial Accounting Question 36. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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