Post Utme Nile University 2020 Accounting Question 8

Practice objective / multiple choice question 8 from the 2020 Post Utme Nile University Accounting examination.

Post Utme Nile University 2020 Accounting Objective / Multiple Choice
Question 8 POST_UTME_NILE_UNIVERSITY • 2020 • ACCOUNTING • objective

A company prepares its final accounts for the year ended 31st December 2020. The trading account shows a profit of ₦200,000. The profit and loss account shows a profit of ₦250,000. What is the correct explanation for the difference?

Answer Options

A. The company has made an error in its trading account.
Correct Answer B. The company has made an error in its profit and loss account.
C. The company has made an error in its balance sheet.
D. The company has made an error in its cash flow statement.
Correct Answer
B
Correct Option:
The company has made an error in its profit and loss account.

About This Question

This is Post Utme Nile University 2020 Accounting Question 8. It is one of the objective questions from the 2020 Post Utme Nile University Accounting examination.

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