Waec Model Questions Vol1 2024 Financial Accounting Question 31

Practice objective / multiple choice question 31 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 31 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A business purchased equipment for ₦500,000 cash. State the effect of this transaction on the accounting equation (Assets = Liabilities + Owner's Equity).

Answer Options

A. Increase in assets; liabilities and owner's equity remain unchanged.

B. Decrease in assets; liabilities increase and owner's equity decrease.

Correct Answer C. No change; assets, liabilities and owner's equity remain unchanged.

D. No change; assets increase while liabilities and owner's equity decrease.

Correct Answer

Correct Option:

No change; assets, liabilities and owner's equity remain unchanged.

About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 31. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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