WAEC Accounting 2015 Objective — Question 5
Question 5 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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Asset acquired is recorded by
- A. debiting Asset Account, crediting Cash AccountCorrect
- B. debiting Cash Account, crediting Asset Account
- C. debiting Purchase of Business Account, crediting sale of Business Account
- D. debiting Asset Account, crediting Purchase of Business Account
Explanation
When an asset is acquired (bought), the accounting entry is: Dr Asset Account, Cr Cash/Bank Account.
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