Post Utme Covenant University 2020 Accounting Question 20

Practice objective / multiple choice question 20 from the 2020 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2020 Accounting Objective / Multiple Choice
Question 20 POST_UTME_COVENANT_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's bank reconciliation statement as at 31st December, 2022 is as follows: | Date | Bank Balance | Cash Balance | Difference | | --- | --- | --- | --- | | 1st January | ₦10,000 | ₦10,000 | ₦0 | | 15th January | ₦20,000 | ₦20,000 | ₦0 | | 31st December | ₦30,000 | ₦30,000 | ₦0 | The company's accountant has made an error in the bank reconciliation statement. Identify the error and correct it.

Answer Options

A. The error is in the 1st January entry. The bank balance should be ₦0.
B. The error is in the 15th January entry. The bank balance should be ₦0.
Correct Answer C. The error is in the 31st December entry. The bank balance should be ₦0.
D. The error is in the Cash account. The debit balance should be ₦0.
Correct Answer
C
Correct Option:
The error is in the 31st December entry. The bank balance should be ₦0.

About This Question

This is Post Utme Covenant University 2020 Accounting Question 20. It is one of the objective questions from the 2020 Post Utme Covenant University Accounting examination.

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