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Financial Forensics · Quiz 1 · 27 Oct 2024 · September 2024 term

Question 16: Inventory costing \4,500 was sold for \7,200 on credit

Question 16

+0.5 marksOne correct option

Indicate the net effect on Assests, liabilities and owners equity resulting from each of the given transactions
Based on the above data, answer the given subquestions.

Inventory costing $4,500 was sold for $7,200 on credit

  1. A

    Asset increases and Liability increases

  2. B

    Asset decreases and Liability decreases

  3. C

    Asset increases and owners equity increases

  4. D

    No change

Show answer

Correct answer

  • A

    Asset increases and Liability increases

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Question 16 of 23 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 27 Oct 2024, in the September 2024 term (IIT M DEGREE AN EXAM QDB2 27 Oct 2024). It carries 0.5 marks.

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