Post Utme Noun 2020 Accounting Question 27

Practice objective / multiple choice question 27 from the 2020 Post Utme Noun Accounting examination.

Post Utme Noun 2020 Accounting Objective / Multiple Choice
Question 27 POST_UTME_NOUN • 2020 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦5,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received any rent from its tenants. What is the correct treatment of this discrepancy?

Answer Options

A. Debit the 'Rent Received' account by ₦5,000
Correct Answer B. Credit the 'Rent Received' account by ₦5,000
C. Debit the 'Rent Received' account by ₦5,000 and credit the 'Rent Paid' account by ₦5,000
D. Credit the 'Rent Received' account by ₦5,000 and debit the 'Rent Paid' account by ₦5,000
Correct Answer
B
Correct Option:
Credit the 'Rent Received' account by ₦5,000

About This Question

This is Post Utme Noun 2020 Accounting Question 27. It is one of the objective questions from the 2020 Post Utme Noun Accounting examination.

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