Post Utme Igbinedion University 2024 Accounting Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2024 Accounting Objective / Multiple Choice
Question 6 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' 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 Expenses' account.
B. Reconcile the 'Accrued Expenses' account with the general ledger.
C. Adjust the 'Accrued Expenses' 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 Expenses' account.

About This Question

This is Post Utme Igbinedion University 2024 Accounting Question 6. It is one of the objective questions from the 2024 Post Utme Igbinedion University Accounting examination.

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