Post Utme Crawford University 2020 Accounting Question 31

Practice objective / multiple choice question 31 from the 2020 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2020 Accounting Objective / Multiple Choice
Question 31 POST_UTME_CRAWFORD_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's trial balance shows an error of ₦15,000 due to an omission of a transaction. The error is discovered during the preparation of the balance sheet. What is the correct step to take?

Answer Options

A. Omit the error and prepare the balance sheet as usual.
Correct Answer B. Correct the error by adjusting the trial balance and re-preparing the balance sheet.
C. Prepare a revised trial balance and re-preparing the balance sheet.
D. Ignore the error and proceed with the balance sheet.
Correct Answer
B
Correct Option:
Correct the error by adjusting the trial balance and re-preparing the balance sheet.

About This Question

This is Post Utme Crawford University 2020 Accounting Question 31. It is one of the objective questions from the 2020 Post Utme Crawford University Accounting examination.

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