Post Utme Futo 2017 Accounting Question 1

Practice objective / multiple choice question 1 from the 2017 Post Utme Futo Accounting examination.

Post Utme Futo 2017 Accounting Objective / Multiple Choice
Question 1 POST_UTME_FUTO • 2017 • ACCOUNTING • objective

A company's trial balance shows an error of ₦500 in the debit side of the account. If the error is corrected by transferring the amount to the credit side of the account, what is the effect on the company's net profit?

Answer Options

A. ₦500 increase in net profit
Correct Answer B. ₦500 decrease in net profit
C. ₦500 increase in net loss
D. ₦500 decrease in net loss
Correct Answer
B
Correct Option:
₦500 decrease in net profit

About This Question

This is Post Utme Futo 2017 Accounting Question 1. It is one of the objective questions from the 2017 Post Utme Futo Accounting examination.

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