Post Utme Igbinedion University 2024 Accounting Question 10

Practice objective / multiple choice question 10 from the 2024 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2024 Accounting Objective / Multiple Choice
Question 10 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦15,000 in the 'Accrued Income' account. However, the company's accountant believes that this balance is incorrect. Which of the following steps should the accountant take to correct the error?

Answer Options

Correct Answer A. Verify the journal entries related to the 'Accrued Income' account.
B. Reconcile the 'Accrued Income' account with the general ledger.
C. Adjust the 'Accrued Income' account to reflect the correct balance.
D. Ignore the error and proceed with the financial statements.
Correct Answer
A
Correct Option:
Verify the journal entries related to the 'Accrued Income' account.

About This Question

This is Post Utme Igbinedion University 2024 Accounting Question 10. It is one of the objective questions from the 2024 Post Utme Igbinedion University Accounting examination.

View More Post Utme Igbinedion University 2024 Accounting Questions More Post Utme Igbinedion University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support