Post Utme Lasu 2024 Accounting Question 23

Practice objective / multiple choice question 23 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice

Question 23 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company's trading account shows a profit of ₦150,000. However, the company's profit and loss account shows a loss of ₦50,000. What is the correct explanation for this discrepancy?

A. The trading account is correct, and the profit and loss account is incorrect

Correct Answer B. The profit and loss account is correct, and the trading account is incorrect

C. The trading account is correct, but the profit and loss account has an error

D. The profit and loss account is correct, but the trading account has an error

Correct Answer

Correct Option:

The profit and loss account is correct, and the trading account is incorrect

This is Post Utme Lasu 2024 Accounting Question 23. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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