Post Utme Bells University 2024 Accounting Question 9

Practice objective / multiple choice question 9 from the 2024 Post Utme Bells University Accounting examination.

Post Utme Bells University 2024 Accounting Objective / Multiple Choice
Question 9 POST_UTME_BELLS_UNIVERSITY • 2024 • ACCOUNTING • objective

A government agency is responsible for collecting taxes on behalf of the government. The agency's cash book shows a balance of ₦500,000, but the government's records show a balance of ₦600,000. What is the correct treatment for this discrepancy?

Answer Options

A. Debit the Cash account by ₦100,000 and credit the Government Revenue account by ₦100,000.
Correct Answer B. Credit the Cash account by ₦100,000 and debit the Government Revenue account by ₦100,000.
C. Debit the Cash account by ₦500,000 and credit the Government Revenue account by ₦500,000.
D. Credit the Cash account by ₦500,000 and debit the Government Revenue account by ₦500,000.
Correct Answer
B
Correct Option:
Credit the Cash account by ₦100,000 and debit the Government Revenue account by ₦100,000.

About This Question

This is Post Utme Bells University 2024 Accounting Question 9. It is one of the objective questions from the 2024 Post Utme Bells University Accounting examination.

View More Post Utme Bells University 2024 Accounting Questions More Post Utme Bells University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support