Post Utme Bsu 2022 Accounting Question 34

Practice objective / multiple choice question 34 from the 2022 Post Utme Bsu Accounting examination.

Post Utme Bsu 2022 Accounting Objective / Multiple Choice
Question 34 POST_UTME_BSU • 2022 • ACCOUNTING • objective

A company's trial balance shows an error of ₦10,000 due to an incorrect posting of a transaction. The error is discovered during the preparation of the income statement. What is the correct procedure to rectify this error?

Answer Options

Correct Answer A. Adjust the trial balance by debiting the incorrect account and crediting the correct account.
B. Prepare a new trial balance after rectifying the error.
C. Reconcile the trial balance with the general ledger.
D. Restate the financial statements for the period.
Correct Answer
A
Correct Option:
Adjust the trial balance by debiting the incorrect account and crediting the correct account.

About This Question

This is Post Utme Bsu 2022 Accounting Question 34. It is one of the objective questions from the 2022 Post Utme Bsu Accounting examination.

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