Post Utme Ims U 2020 Accounting Question 23

Practice objective / multiple choice question 23 from the 2020 Post Utme Ims U Accounting examination.

Post Utme Ims U 2020 Accounting Objective / Multiple Choice
Question 23 POST_UTME_IMS_U • 2020 • ACCOUNTING • objective

A company's balance sheet showed a decrease in inventory of ₦50,000. The company's accountant discovered that the decrease was due to an error in the inventory count. Prepare the necessary journal entry to correct the error.

Answer Options

A. Debit Inventory and Credit Cost of Goods Sold
Correct Answer B. Debit Cost of Goods Sold and Credit Inventory
C. Debit Inventory and Credit Profit and Loss
D. Debit Profit and Loss and Credit Inventory
Correct Answer
B
Correct Option:
Debit Cost of Goods Sold and Credit Inventory

About This Question

This is Post Utme Ims U 2020 Accounting Question 23. It is one of the objective questions from the 2020 Post Utme Ims U Accounting examination.

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