Post Utme Lead City University 2017 Accounting Question 2

Practice objective / multiple choice question 2 from the 2017 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2017 Accounting Objective / Multiple Choice
Question 2 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ACCOUNTING • objective

A trial balance for XYZ Ltd. is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦5,000 | | Accounts Payable | ₦20,000 | ₦15,000 | | Sales | ₦30,000 | ₦25,000 | | Cost of Goods Sold | ₦40,000 | ₦35,000 | | Net Income | ₦50,000 | ₦45,000 | Identify the error in the trial balance.

Answer Options

A. Cash account has a debit balance of ₦5,000.
Correct Answer B. Accounts Payable account has a credit balance of ₦5,000.
C. Sales account has a debit balance of ₦5,000.
D. Net Income account has a credit balance of ₦5,000.
Correct Answer
B
Correct Option:
Accounts Payable account has a credit balance of ₦5,000.

About This Question

This is Post Utme Lead City University 2017 Accounting Question 2. It is one of the objective questions from the 2017 Post Utme Lead City University Accounting examination.

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