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

Accounts - Principles of Accounts
JAMB 2019

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
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Correct Answer: Option A
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.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now