Post Utme Oau 2023 Accounting Question 7

Practice objective / multiple choice question 7 from the 2023 Post Utme Oau Accounting examination.

Post Utme Oau 2023 Accounting Objective / Multiple Choice
Question 7 POST_UTME_OAU • 2023 • ACCOUNTING • objective

A firm's trial balance shows an error of ₦5,000 due to an incorrect posting of an account. The error is discovered during the preparation of the balance sheet. What is the effect of this error on the balance sheet?

Answer Options

Correct Answer A. The error will result in an overstatement of assets.
B. The error will result in an understatement of liabilities.
C. The error will not affect the balance sheet.
D. The error will result in an overstatement of liabilities.
Correct Answer
A
Correct Option:
The error will result in an overstatement of assets.

About This Question

This is Post Utme Oau 2023 Accounting Question 7. It is one of the objective questions from the 2023 Post Utme Oau Accounting examination.

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