Accounting WAEC

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be?

A. Increase in assets of motor vehicle account
B. Decrease in assets of motor vehicle account
C. Increase in assets of bank account
D. Increase in liabilities of bank account

Correct Answer: Option A

A. Increase in assets of motor vehicle account

Explanation

The motor vehicle account is the receiver while bank account is giving out. Therefore, there will be an increase in motor account and a decrease in bank account.

Sunday

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

4 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

4 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

4 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

4 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

4 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

4 months ago