Post Utme Futo 2018 Accounting Question 29

Practice objective / multiple choice question 29 from the 2018 Post Utme Futo Accounting examination.

Post Utme Futo 2018 Accounting Objective / Multiple Choice
Question 29 POST_UTME_FUTO • 2018 • ACCOUNTING • objective

A company uses a trial balance. The trial balance shows the following balances: Debit Balance: ₦20,000, Credit Balance: ₦30,000. What is the correct procedure to prepare the financial statements?

Answer Options

Correct Answer A. Prepare the balance sheet and income statement from the trial balance.
B. Adjust the trial balance to match the financial statements.
C. Prepare a statement of changes in equity from the trial balance.
D. Prepare a cash flow statement from the trial balance.
Correct Answer
A
Correct Option:
Prepare the balance sheet and income statement from the trial balance.

About This Question

This is Post Utme Futo 2018 Accounting Question 29. It is one of the objective questions from the 2018 Post Utme Futo Accounting examination.

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