Post Utme Futo 2024 Accounting Question 27

Practice objective / multiple choice question 27 from the 2024 Post Utme Futo Accounting examination.

Post Utme Futo 2024 Accounting Objective / Multiple Choice

Question 27 POST_UTME_FUTO • 2024 • ACCOUNTING • objective

A company's cash book shows a balance of ₦2,500. However, the bank statement shows a balance of ₦2,800. What is the correct procedure to reconcile this discrepancy?

Correct Answer A. Prepare a bank reconciliation statement to identify the differences

B. Adjust the cash book balance to match the bank statement balance

C. Prepare a journal entry to record the difference as a gain or loss

D. Ignore the discrepancy and continue with the cash book balance

Correct Answer

Correct Option:

Prepare a bank reconciliation statement to identify the differences

This is Post Utme Futo 2024 Accounting Question 27. It is one of the objective questions from the 2024 Post Utme Futo Accounting examination.

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