Post Utme Lead City University 2021 Accounting Question 24

Practice objective / multiple choice question 24 from the 2021 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2021 Accounting Objective / Multiple Choice
Question 24 POST_UTME_LEAD_CITY_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trading account shows a profit of ₦500,000. However, the profit and loss account shows a loss of ₦200,000. What is the likely reason for the discrepancy?

Answer Options

A. The company has not recorded a gain on the sale of assets.
B. The company has not recorded a loss on the sale of assets.
Correct Answer C. The company's trading account is not up-to-date.
D. The company's profit and loss account is not accurate.
Correct Answer
C
Correct Option:
The company's trading account is not up-to-date.

About This Question

This is Post Utme Lead City University 2021 Accounting Question 24. It is one of the objective questions from the 2021 Post Utme Lead City University Accounting examination.

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