Neco Model Questions Vol1 2024 Financial Accounting Question 46

Practice objective / multiple choice question 46 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 46 NECO_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A company purchased office equipment for \(\text{₦}150,000\) cash. Record the journal entry and state the effect on the accounting equation.

Answer Options

A. Debit Office Equipment ₦150,000; Credit Cash ₦150,000. Assets unchanged; liabilities increase; equity unchanged.
B. Debit Office Equipment ₦150,000; Credit Cash ₦150,000. Assets unchanged; liabilities and equity decrease.
C. Debit Office Equipment ₦150,000; Credit Cash ₦150,000. Assets increase; liabilities and equity unchanged.
Correct Answer D. Debit Office Equipment ₦150,000; Credit Cash ₦150,000. Assets unchanged; liabilities and equity unchanged.
Correct Answer
D
Correct Option:
Debit Office Equipment ₦150,000; Credit Cash ₦150,000. Assets unchanged; liabilities and equity unchanged.

About This Question

This is Neco Model Questions Vol1 2024 Financial Accounting Question 46. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

View More Neco Model Questions Vol1 2024 Financial Accounting Questions More Neco Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support