Post Utme Mountain Top University 2024 Accounting Question 33

Practice objective / multiple choice question 33 from the 2024 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2024 Accounting Objective / Multiple Choice
Question 33 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. 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

Correct Answer A. Verify the cash book and bank statement entries
B. Contact the bank to investigate the error
C. Reconcile the two balances without investigating the error
D. Adjust the cash book balance to match the bank statement balance
Correct Answer
A
Correct Option:
Verify the cash book and bank statement entries

About This Question

This is Post Utme Mountain Top University 2024 Accounting Question 33. It is one of the objective questions from the 2024 Post Utme Mountain Top University Accounting examination.

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