Post Utme Greenfield University 2020 Accounting Question 24

Practice objective / multiple choice question 24 from the 2020 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2020 Accounting Objective / Multiple Choice
Question 24 POST_UTME_GREENFIELD_UNIVERSITY • 2020 • ACCOUNTING • objective

A company uses the single entry system to record its transactions. The company's accounting records show that it has received ₦50,000 from its customers. However, the company's cash book shows a debit balance of ₦20,000 in the account 'Cash'. What is the most likely explanation for this discrepancy?

Answer Options

A. The company has incorrectly recorded the cash received as a debit.
B. The company has incorrectly recorded the cash paid as a credit.
Correct Answer C. The company has not received any cash from its customers.
D. The company has incorrectly recorded the bank charges as a debit.
Correct Answer
C
Correct Option:
The company has not received any cash from its customers.

About This Question

This is Post Utme Greenfield University 2020 Accounting Question 24. It is one of the objective questions from the 2020 Post Utme Greenfield University Accounting examination.

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