Waec Model Questions Vol1 2021 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
The cash book for the month of March shows an opening cash balance of ₦20,000. The total of all receipts recorded is ₦150,000 and the total of all payments recorded is ₦120,000, giving a closing balance of ₦50,000. Later it is discovered that a payment of ₦8,000 was mistakenly entered on the receipts side instead of the payments side. What is the corrected closing cash balance after rectifying this error?
Answer Options
About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 1. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.