Post Utme Bsu 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Bsu Accounting examination.

Post Utme Bsu 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_BSU • 2024 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦20,000 in the 'Salaries' account. However, the company's accounting records indicate that the salaries for the year were ₦30,000. What is the correct treatment for this discrepancy in the company's financial statements?

Answer Options

Correct Answer A. Credit the 'Salaries' account by ₦10,000 and debit the 'Accrued Expenses' account by ₦10,000.
B. Debit the 'Accrued Expenses' account by ₦10,000 and credit the 'Salaries' account by ₦10,000.
C. Credit the 'Salaries' account by ₦10,000 and debit the 'Cash' account by ₦10,000.
D. Debit the 'Accrued Expenses' account by ₦20,000 and credit the 'Salaries' account by ₦20,000.
Correct Answer
A
Correct Option:
Credit the 'Salaries' account by ₦10,000 and debit the 'Accrued Expenses' account by ₦10,000.

About This Question

This is Post Utme Bsu 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Bsu Accounting examination.

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