Post Utme Ims U 2017 Accounting Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Ims U Accounting examination.

Post Utme Ims U 2017 Accounting Objective / Multiple Choice
Question 21 POST_UTME_IMS_U • 2017 • ACCOUNTING • objective

A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a bank error. The company's accountant wants to reconcile the two balances. What is the first step the accountant should take?

Answer Options

A. Verify the cash book and bank statement balances
Correct Answer B. Contact the bank to investigate the error
C. Reconcile the two balances by adjusting the cash book
D. Reconcile the two balances by adjusting the bank statement
Correct Answer
B
Correct Option:
Contact the bank to investigate the error

About This Question

This is Post Utme Ims U 2017 Accounting Question 21. It is one of the objective questions from the 2017 Post Utme Ims U Accounting examination.

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