Post Utme Covenant University 2024 Accounting Question 4

Practice objective / multiple choice question 4 from the 2024 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2024 Accounting Objective / Multiple Choice
Question 4 POST_UTME_COVENANT_UNIVERSITY • 2024 • ACCOUNTING • objective

A company prepares its final accounts for the year ended December 31, 2023. The company's trading account shows a profit of ₦500,000. However, the company's profit and loss account shows a loss of ₦200,000. What is the reason for the difference?

Answer Options

A. The company has not recorded all its financial transactions.
B. The company has made an error in its accounting records.
Correct Answer C. The company has not provided for depreciation.
D. The company has not provided for bad debts.
Correct Answer
C
Correct Option:
The company has not provided for depreciation.

About This Question

This is Post Utme Covenant University 2024 Accounting Question 4. It is one of the objective questions from the 2024 Post Utme Covenant University Accounting examination.

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