Post Utme Pan Atlantic University 2020 Accounting Question 3

Practice objective / multiple choice question 3 from the 2020 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2020 Accounting Objective / Multiple Choice
Question 3 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2020 • ACCOUNTING • objective

A partnership has two partners, A and B. The partnership's trial balance shows a discrepancy of ₦5,000. What is the correct procedure to rectify the discrepancy?

Answer Options

Correct Answer A. Prepare a suspense account and debit or credit the discrepancy to it.
B. Prepare a journal entry to rectify the discrepancy.
C. Adjust the trial balance by debiting or crediting the discrepancy to the relevant account.
D. Ignore the discrepancy and proceed with the accounting process.
Correct Answer
A
Correct Option:
Prepare a suspense account and debit or credit the discrepancy to it.

About This Question

This is Post Utme Pan Atlantic University 2020 Accounting Question 3. It is one of the objective questions from the 2020 Post Utme Pan Atlantic University Accounting examination.

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