Post Utme Babcock University 2017 Accounting Question 16

Practice objective / multiple choice question 16 from the 2017 Post Utme Babcock University Accounting examination.

Post Utme Babcock University 2017 Accounting Objective / Multiple Choice
Question 16 POST_UTME_BABCOCK_UNIVERSITY • 2017 • ACCOUNTING • objective

A company prepares a trading account, profit and loss account, and balance sheet. The profit and loss account shows a profit of ₦15,000, while the balance sheet shows a total assets of ₦50,000. What is the correct explanation for the discrepancy?

Answer Options

A. The company has made an error in recording a transaction.
Correct Answer B. The company has made an error in reconciling the profit and loss account and balance sheet.
C. The company has made an error in recording a deposit.
D. The company has made an error in recording a withdrawal.
Correct Answer
B
Correct Option:
The company has made an error in reconciling the profit and loss account and balance sheet.

About This Question

This is Post Utme Babcock University 2017 Accounting Question 16. It is one of the objective questions from the 2017 Post Utme Babcock University Accounting examination.

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