Post Utme Crawford University 2020 Accounting Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2020 Accounting Objective / Multiple Choice
Question 1 POST_UTME_CRAWFORD_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's trial balance shows an error of ₦1,500 in the debit side of the accounts payable account. The correct amount is ₦1,200. What is the effect of this error on the balance sheet?

Answer Options

A. The company's assets will decrease by ₦1,500.
B. The company's liabilities will increase by ₦1,500.
C. The company's equity will decrease by ₦1,500.
Correct Answer D. The company's assets will increase by ₦1,500.
Correct Answer
D
Correct Option:
The company's assets will increase by ₦1,500.

About This Question

This is Post Utme Crawford University 2020 Accounting Question 1. It is one of the objective questions from the 2020 Post Utme Crawford University Accounting examination.

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