Post Utme Covenant University 2024 Accounting Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2024 Accounting Objective / Multiple Choice
Question 1 POST_UTME_COVENANT_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. What is the reason for the difference?

Answer Options

A. The company has not recorded all its financial transactions.
B. The bank has charged a fee for the service.
C. The company has deposited cash into the bank but has not yet recorded it in the cash book.
Correct Answer D. The company has withdrawn cash from the bank but has not yet recorded it in the cash book.
Correct Answer
D
Correct Option:
The company has withdrawn cash from the bank but has not yet recorded it in the cash book.

About This Question

This is Post Utme Covenant University 2024 Accounting Question 1. It is one of the objective questions from the 2024 Post Utme Covenant University Accounting examination.

View More Post Utme Covenant University 2024 Accounting Questions More Post Utme Covenant 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